Hold Price: February Sector Market Cap Free Float Reuters Code 12-Mth Range Utilities 7,125m 45.9% SRG.MI
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1 Snam Rete Gas Company Update Hold Price: February 2006 Sector Market Cap Free Float Reuters Code 12-Mth Range Utilities 7,125m 45.9% SRG.MI Key Data E 2007E Market Price ( ) Stated EPS ( ) Adj. EPS ( ) BVPS ( ) Div/share ( ) P/E Adj. P/E P/BVPS Div. Yield Ord 5.4% 33.5% 4.8% 4.9% EV/EBITDA EV/EBITA [EV/CE]/[ROCE/WACC] [P/BV]/[ROE/COE] No. Issued Shares (m) 1,955 1,955 1,955 1,955 Source: Company data, UBM estimates Stock Performance Source: Datastream PRICE RELATIVE TO MIBTEL SNAM RETE GAS M A M J J A S O N D J F 1 mth 3 mth 12 mth Absolute % Relative % Average Trading Volumes: 10,588.3(000s) Short of Catalysts The presentation of the new business plan has had no impact on our EFV of 3.7 per share, as the negative news regarding the capex breakdown by investment type offsets the potential from the new cost savings target. A combination of the limited downside (the stock is trading in line with its end-2006e equity RAB) and the limited potential upside justifies our Hold rating. Over the next few days, however, we would recommend exploiting any temporary weakness in the stock price (caused by the lack of catalysts and the disappointing news on dividends). Snam RG s capex plan amounts to 3.5 billion, vs. the 3.3 billion projected in our former model. This was somewhat disappointing, as investors had pinned their hopes on a massive upgrade in the capex plan in response to the new Italian gas scenario (strict demand/supply balance; need for new infrastructure investments). Moreover, the new capex breakdown by investment type translates into a c reduction in our valuation per share. The management is working on reducing controllable fixed costs by a cumulative 12% over the second regulatory period (October 2005-September 2009). This compares to the cumulative 8% reduction projected in our former model with a positive impact on our valuation of c per share, thus offsetting the negative effect of the new capex guidelines (breakdown by investment type). The Company announced a FY2005 DPS (to be paid in May 2006) of 0.17, which is lower than both our estimate and market consensus of c From FY2006 onwards, the management has assured that its DPS should grow at least in line with the inflation rate until These guidelines are substantially in keeping with our former projections (an annual per share) but lower than market consensus, which pointed to a fast growing DPS and a higher starting point for FY2005. The buy back plan of up to 800 million (within the limit of 10% of share capital), which was approved by the shareholders' meeting in November, will begin in March. Half of this programme is expected to be completed by end Sergio Molisani sergio.molisani@ubm.unicredit.it
2 Snam Rete Gas 24 February 2006 UniCredit Banca Mobiliare FY2005 results at a glance As shown in Figure 1, Snam RG s FY2005 results were in line with UBM expectations and market consensus and are therefore unlikely to constitute a driver from the stock. Figure 1. Snam RG - Results vs. UBM Estimates (IFRS) 2004A 2005A 2005E Total Revenues 1,803 1,806 1,807 EBITDA 1,453 1,451 1,453 Net Profit Net Financial Debt 2,874 4,819 4,838 Source: Company Data and UBM estimates Capex plan: better but not enough Snam RG has set its capex plan at 3.5 billion. This is in line with the investment programme and slightly more than the 3.3 billion projected in our former model. This was somewhat disappointing, as investors had pinned their hopes on a massive upgrade in the capex plan in response to the new Italian gas scenario (strict demand/supply balance; need for new infrastructure investments such as the development of the import pipeline and new LNG plants). The management has revised up its medium to long term projections regarding gas demand (see Figure 2) but has also clearly stated that there is no direct correlation between volumes and capex, as the latter is dependent on where Italy s new entry point for gas will be. Figure 2. Expected Gas Demand in Italy (bcm) Sep E 2010E 2015E 83/ Feb A 2010E 2015E Source: Company Data Hence, according to the management, an upward revision of the capex plan is likely if 3-4 of the new LNG projects currently under consideration in Italy are realised. As usual, we expect short-term disappointment to prevail over long-term expectations. In our opinion, further negative newsflow comes from the capex breakdown by investment type. As shown in Figure 3 and Figure 4, the management has stated that: c. 73% of the capex plan is in the C-F category vs. the 80% level indicated in October c. 40% of the capex plan is in the E-F category vs. the 50-55% level indicated in October Figure 3. Snam RG Incentives for New Capex in the Second Regulatory Period Duration Extraremuneration* Allowed Depreciations Allowed Opex** A Investments for replacement 0 0% yes no B Investments for network safety, service quality and market 5 1% yes no support (not aimed to build new capacity) C Investments for development (aimed to build new capacity) of 7 2% yes no regional network D Investments for development (aimed to build new capacity) of 10 2% yes no national network E Investments for development (aimed to build new capacity) of 10 3% yes yes national network linked with import capacity F Investments for development of entry capacity at border 15 3% yes yes Source: AEEG data *100% capacity spending (60% capacity and 40% commodity in the first regulatory period) **Soon after the spending (after the full operational activity in the first regulatory period) Figure 4. Snam RG - Capex by Investment Type Investment Category b+c+d+f Weight on total capex Company s guidelines in Feb % Company s guidelines in Sept % Investment Category e+f Company s guidelines in Feb % Company s guidelines in Sept % Source: UBM on Company Data The changes in the capex breakdown have a negative impact of c per share on our valuation. Cost-savings: more aggressive targets Over the second regulatory period (October September 2009), the management aims to reduce controllable fixed costs by a cumulative 12% in real terms. These guidelines are: An upgrade on the previous target given in September 2005 when the management was confident of (at least) matching the target set by the regulator (-2% per year in real terms). Our 2
3 UniCredit Banca Mobiliare Snam Rete Gas 24 February 2006 former estimates were substantially in line with these projections. Achievable despite a growth scenario in terms of gas injected in the network (+10% to c. 94 Bcm in 2009 vs. 85 Bcm in 2005) and transport infrastructure (+6% and +28% the Km of network in operation and the MW of compression power over the plan horizon respectively). The new guidelines have a positive impact of c per share on our valuation, thus offsetting the negative potential impact of the new capex guidelines (breakdown by type of investment). Dividends: disappointing for the consensus After the 1 extraordinary dividend per share paid in November 2005, the Company announced the following: The proposal of a 2005 DPS (related to 2005 net profit and to be paid in mid-2006) of 0.17 per share. This fell short of both our estimates ( per share) and market consensus (equal or higher than 0.18 per share). The shareholders meeting will be held on 27 and 28 April, in first and second call respectively. The stock will trade ex-dividend from 22 May 2006 and the dividend will be payable as of 25 May Its commitment to DPS growth that is at least equal to inflation until These guidelines are substantially in keeping with our former projections (an annual per share) but lower than market consensus, which pointed to a fast growing DPS with a higher starting point for We have aligned our estimates to the Company s guidelines assuming a 2% inflation rate. Buy-back: short-term support for the stock The buy back plan of up to 800 million (within the limit of 10% of share capital), which was approved by the shareholders' meeting of Snam RG in November, will begin next March. Half of this programme will be completed by end We have aligned our former projections ( 400 million equally spread over ) to the Company s guidelines. Investment considerations The presentation of the new business plan has no effect on our EFV of 3.7 per Snam RG share, as the potential from the new cost savings target is offset by the negative newsflow regarding the capex breakdown by investment type. The poor downside risk (the stock is trading in line with its end-2006 equity RAB of 3.65) and the limited potential upside are the main reasons behind the reiteration of our Hold rating. We would recommend exploiting any temporary weakness in the stock price over the next few days (caused by the lack of catalysts and the disappointing news on dividends). 3
4 Snam Rete Gas 24 February 2006 UniCredit Banca Mobiliare SNAM RETE GAS 2004* E 2007E Market Data Price Ord No. Issued Shares 1, , , ,955.3 Total Market Cap 7, , , ,125.2 Key Figures Total Group Revenues 1, , , ,850.3 yoy % change 2.4% -0.2% -3.3% 5.9% EBITDA 1, , , ,474.3 yoy % change 3.6% -0.2% -4.3% 6.2% EBITA ,012.0 yoy % change 4.6% 0.6% -7.3% 11.9% Group Net Profit yoy % change -3.6% -0.3% -16.5% 10.2% Adj. Group Net Profit (excl. Goodwill) Adj. Group Net Profit Net Capital Employed 8, , , ,677.0 Shareholders' Equity 5, , , ,463.1 Net Financial Debt (Cash) 2, , , ,213.7 Free Cash Flow Operating Ratios EBITDA Margin 80.4% 80.3% 79.5% 79.7% EBITA Margin 53.6% 54.0% 51.7% 54.7% After-tax ROIC 6.2% 6.1% 5.6% 6.0% Asset Turnover EVA Spread 1.0% 1.9% 1.4% 1.9% Leverage Debt/Equity Debt/EBITDA Debt/Free Cash Flow Debt/Total Capital Invested Interest Cover EV Ratios EV 10, , , ,387.7 EV/Sales EV/EBITDA EV/EBITA [EV/CE]/[ROCE/WACC] Per Share Data EPS yoy % change -3.6% -0.3% -16.5% 10.2% Adj. EPS (excl. Goodwill) Adj. EPS Gross CFPS Free CFPS BVPS DPS Ord Per Share Ratios P/E Ord Adj. P/E Ord (excl. Goodwill) Adj. P/E Ord P/Gross CFPS P/Free CFPS P/BVPS Free Cash Flow Yield Ord 8.4% 6.0% -2.9% -7.5% Div. Yield Ord 5.4% 33.5% 4.8% 4.9% Source: Company Data, UBM estimates * ITA GAAP 4
5 UniCredit Banca Mobiliare Snam Rete Gas 24 February 2006 This document (the "Document") has been prepared by UniCredit Banca Mobiliare SpA ( UBM ). As a company of the UniCredito Italiano Group (the Group ), UBM is involved in several businesses that may relate to Snam Rete Gas SpA (the "Company"): - The Group issues Covered Warrants on the stock of the Company. - A director of the Group is also member of the Board of Directors of ENI SpA. UBM, including its parents or affiliates, may hold a position or act as market maker in financial instruments related to the Company. Also note that UBM may perform investment services such as repurchase agreements and stock lending involving the securities issued by the Company. Information, which is not reflected in the Document, may therefore be available to persons connected to UBM. The Document is for information purposes only and is not intended as an offer or solicitation of an offer to sell or to buy any financial instrument. The Document is being distributed by electronic and ordinary mail to professional investors and may not be redistributed, reproduced or published in whole or in part. Information, opinions, estimates and forecasts contained herein have been obtained from, or are based upon, sources believed by UBM to be reliable but no representation of warranty, express or implied, is made and no responsibility or liability is accepted by UBM as to their accuracy or completeness. The Document has been approved for distribution in UK by UBM London, regulated by the FSA for the conduct of Investment Business in the UK. It has not been approved for distribution to, or for the use of, private customers as defined by the rules of the FSA. The Document may not be distributed in USA, Canada, Japan or Australia. Copyright (c) 2004, 2005 UniCredit Banca Mobiliare S.p.A. ( UBM ). All rights reserved. Any unauthorized use or disclosure is prohibited. This report has been prepared and issued by UBM and/or one of its affiliates. Key to Investment Rankings: This is a guide to expected total return (price performance plus dividend) relative to the total return of the stock s local market over the next 12 months: Buy- expected to outperform the market by 10 or more percentage points; Accumulate - expected to outperform the market by 5-10 percentage points; Hold - expected to perform in line with the market, plus or minus 5 percentage points; Reduce - expected to underperform the market by 5-10 percentage points; Sell- expected to underperform the market by 10 or more percentage points. Most Recent Recommendations: 19 October 2005: Hold 09 November 2005: Hold 15 December 2005: Hold 5
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Update Report- Transfer of Coverage Buy Year End Target Price SAR 62 120 110 100 90 80 70 May er 19, 27, 2014 2015 Expected Total Return Price as on May-26, 2015 49.07 Upside to Target Price 26.8% Expected
More informationTrevi Finanziaria. First half confirms growth trend. 20 September 2006 Industrials Change in Estimates. Price: 6.65 Target price: 7.
20 September 2006 Industrials Change in Estimates Price: 6.65 Target price: 7.70 Outperform 8.00 7.50 7.00 6.50 6.00 18/9/06 2004 2005 2006E 2007E EPS Adj. ( ) 0.04 0.20 0.38 0.48 DPS ( ) 0.02 0.07 0.12
More informationExamples = + = + = = = =
Examples = + = + = = = = Calculation of ratios an example Formula Year 1 Year 2 Year 3 Year 4 Year 5 Comments Adjusted Profit/Loss for the Period excl. Minorities 33.0 37.4 36.8 62.3 79.4 Adjusted
More informationBIMBO Food. Quarterly Report October 27, BIMBO Market Underperformer 2016 Price Target P$41.9
Quarterly Report BIMBO Market Underperformer 2016 Price Target P$41.9 Price 51.51 12M Price Range 45.02 / 59.86 Shares Outstanding (Mill) 4,703.2 Market Cap (Mill) 242,262 Float 24.0% Net Debt (Mill) 72,562
More informationBUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E
RAMCO S BUY Target Price: Rs 435 Efforts on cost cutting paying off Q2 EBITDA at Rs 2.8 bn (up 30% YoY) was ahead of our estimates due to lower-than-expected costs. Average costs (excluding freight) declined
More informationAlmarai Steady performance
RSI10 ALMARAI AB: Saudi Arabia Rating Target price Current price NEUTRAL SAR55.05 (-4.59% upside) SAR57.66 Key themes & implications Almarai reported a positive top-line in Q1 2016, showing resilience
More informationCompany Update BPU BANCA. Buy Price: April A Win-Win Situation
Company Update BPU BANCA Buy Price: 16.0 21 April 2005 A Win-Win Situation Aurelio Palombo Tel: +39 02 7292 9349 - aurelio.palombo@ubm.it Roberto Marchesi Tel: +39 02 7292 9296 - roberto.marchesi@ubm.it
More informationSouthern Cross Media. Streamlining ahead of reform? A$1.37 AUSTRALIA
AUSTRALIA SXL AU Price (at 05:10, 27 Mar 2017 GMT) Neutral A$1.37 Valuation A$ - DCF (WACC 8.0%, beta 1.2, ERP 5.0%, RFR 3.3%) 1.39 12-month target A$ 1.30 12-month TSR % +0.8 Volatility Index Medium GICS
More informationUGL. Driving growth in DTZ. Earnings and target price revision. No change. Price catalyst. Action and recommendation
AUSTRALIA AU Price (at 08:17, 03 Sep 2012 GMT) Underperform A$10.52 Volatility index Low 12-month target A$ 11.08 12-month TSR % +12.0 Valuation A$ - DCF (beta 1.1, ERP 5.0%, RFR 6.0%, TGR 2.5%) 15.09
More informationSnam Rete Gas & Terna
Snam Rete Gas & Terna Growth and visibility fully discounted - Initiating coverage at Neutral We initiate coverage of Snam Rete Gas with a Neutral rating and a 12-month RAB-based DCF PT of 4.90. Snam s
More informationBDI BioEnergy Internat Buy
13/08/12 13/10/12 13/12/12 13/02/13 13/04/13 13/06/13 13/08/13 13/10/13 13/12/13 13/02/14 13/04/14 13/06/14 13/08/14 MATELAN Research Update Note Price as of 13/08/14: 10.29 14 August 2014 Company / Sector
More information2016 targets already in the share price
GN STORE NORD - REDUCE 216 targets already in the share price This is a noncomplex product We reiterate our Reduce recommendation on GN Store Nord after the release of the Q3 13 results. With high expectations
More information7C Solarparken GUIDANCE FOR 2016 INCREASED. FIRST BERLIN Equity Research. Preliminary 2014 PRICE TARGET 2.10
FIRST BERLIN Equity Research 12 7C Solarparken AG 7 RATING Germany / Cleantech Preliminary 2014 Primary Exchange: Frankfurt PRICE TARGET 2.10 Bloomberg: HRPK GF figures Return Potential 13.9% ISIN: DE000A11QW68
More informationCredit Opinion Credito Valtellinese
Credit Research 5-Oct-04 10:52 Analysts: Alejandra Diez, Rocco Fanciullo, Giorgio Frascella, Federica Viola Head of Research and Strategy: Marco Annunziata Credit Opinion Credito Valtellinese Mentioned
More informationCoal India. Source: Company Data; PL Research
Misses estimates; Higher costs dims hope for earnings recovery February 13, 2017 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Rating Reduce Price Rs325 Target Price Rs320 Implied Upside 1.5%
More informationSilver Chef. Capital raising A$7.71 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA SIV AU Price (at 08:50, 21 Mar 2017 GMT) Neutral A$7.71 Valuation - PER A$ 6.68 12-month target A$ 6.68 12-month TSR % -7.4 Volatility Index Medium GICS sector Capital Goods Market cap A$m 278
More informationBUY. White cement steals the show JK CEMENT. Target Price: Rs 1,220. Other highlights
JK 20 NOV 2017 Quarterly Update BUY Target Price: Rs 1,220 White cement steals the show JK Cement s (JKCE) Q2FY18 EBITDA at Rs 2.1 bn (up 30% YoY) was higher than our and consensus estimates, mainly due
More informationLarsen & Toubro Ltd.
Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 163. Larsen & Toubro Ltd. February 26, 2018 BSE Code: 500510 NSE Code: LT Reuters Code:
More informationTrevi Group Italy Capital goods
30 August 2013 Trevi Group Italy Capital goods Buy (Hold) Target price EUR6.90 Current price EUR6.22 Matteo Bonizzoni, CFA mbonizzoni@keplercheuvreux.com +39 02 80 62 83 43 Sound delivery and business
More informationSipchem Petrochemicals Industrial SIPCHEM AB: Saudi Arabia 07 August 2014
RSI10 Sipchem SIPCHEM AB: Saudi Arabia Rating Target price Current price NEUTRAL SAR40.98 (7.6% upside) SAR38.10 Sector rating Company risk rating Key themes & implications Outperform Low Sipchem recently
More informationISRA VISION Neutral
Update Note Closing price as of 1/8/17: 142.8 4 September 217 Company / Sector Fair Value Recommendation ISRA VISION 128. Neutral Technology: Machine Vision ( 128.) (unchanged) Solid Q3 leaves company
More informationStrategy Update. London, September 18 th, 2008
Strategy Update London, September 18 th, 2008 Disclaimer Snam Rete Gas s Chief Financial Officer, Antonio Paccioretti, in his position as manager responsible for the preparation of financial reports, certifies
More informationSanghvi Movers Ltd. Results above estimates. Figure 1: Actual Vs Religare Estimates. Financial highlights. Valuations and Recommendation
Institutional Equity Research Key data 3 June 28 Sector Capital Goods Market Cap Rs9bn/US$.2bn 52 Wk H/L (Rs) 337/15.5 BSE Avg. daily vol. (6m) 4,437 BSE Code 5373 NSE Code SANGHVIMOV Bloomberg SGM IN
More informationEnlargement at a bargain price
1 1 F e b r u a r y 2 0 0 5 EQUITY FLASH NOTE Country: Greece Mytilineos Holdings Enlargement at a bargain price Materials Bloomberg: MYTIL GA Reuters: MYT.AT Mkt cap: 369.5 million No. of Shares: 40,520,340
More informationHCC BUY. Infrastructure April 10, QIP step in the right direction EVENT UPDATE. India Research. Bloomberg: HCC IN Reuters: HCNS.
Jan-14 Mar-14 Apr-14 May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 India Research Infrastructure April 10, 2015 EVENT UPDATE Bloomberg: IN Reuters: HCNS.BO BUY QIP step in the right direction has successfully
More informationBoart Longyear. Earnings and target price revision. No change. Price catalyst. Action and recommendation
AUSTRALIA BLY AU Price (at 08:01, 12 Sep 2013 GMT) Neutral A$0.50 Valuation A$ 0.71 - DCF (WACC 10.1%, beta 1.5, ERP 0.1%, RFR 0.1%, TGR 0.0%) 12-month target A$ 0.56 12-month TSR % +12.0 Volatility Index
More informationWhitehaven Coal. China outlook drives impairments A$1.04 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA WHC AU Price (at 06:10, 13 Aug 2015 GMT) Neutral A$1.04 Valuation A$ - DCF (WACC 8.0%, beta 1.6, ERP 5.0%, RFR 3.8%) 1.18 12-month target A$ 1.15 12-month TSR % +10.6 Volatility Index High GICS
More informationAnother Order in Drilling Machines.
Trevi Group 4.7.26 Another Order in Drilling Machines. Trevi Group announced that EDRA signed a contract with NIOC for the production of four full-packaged drilling systems, which should generate USD 93.5M
More informationNITIN FIRE Industrial Machinery BUY RETAIL EQUITY RESEARCH
Q3FY15 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH NITIN FIRE Industrial Machinery BSE CODE:532854 NSE CODE : NITINFIRE Bloomberg CODE: NFPI IN SENSEX: 29,231 BUY Rating as per Mid
More informationIndigoVision Group (IND LN)
I ndigovision Grou p Interim Results IndigoVision Group (IND LN) IT Hardware Current price* 117p CORPORATE Losses narrowing and guidance reiterated FY18 is expected to be a year of stabilisation and management
More informationEXPERT SYSTEM. Weak results in. Buy. Company Update. 14 October :30 PM. IT Services
EXPERT SYSTEM Company Update 5:30 PM MARKET PRICE: EUR2.02 Buy TARGET PRICE: EUR2.32 (from EUR2.55) IT Services Data Shares Outstanding (m): 27.7 Market Cap. (EURm): 55.8 Enterprise Value (EURm): 69.8
More informationIndia Cements Rating: Target price:
: price: EPS: Another weak quarter; Maintain SELL ICEM reported weak 2QFY14 results, with a revenue de-growth of 3.3% y-o-y and EBITDA de-growth of 37.8% y-o-y. Volumes de-grew by 3% y-o-y to 4mt. Realisations
More informationBIANCAMANO NEUTRAL. Stable Net Debt; Payment Terms Should Improve In 2013
Italian Research 3Q12 Results Milan, November 15, 2012 Price (Eu): Target Price (Eu): NEUTRAL 0.79 0.90 SECTOR: Utilities Jacopo Tagliaferri +39-02-77115.230 e-mail: jacopo.tagliaferri@intermonte.it Stable
More informationSirtex Medical. Healthy dose sales. Earnings and target price revision. Price catalyst. Catalyst: FY16 result on the 24th of August
AUSTRALIA SRX AU Price (at CLOSE#, 11 Jul 2016) Outperform A$27.88 Valuation A$ 37.93 - DCF (WACC 9.0%, beta 1.2, ERP 5.0%, RFR 3.3%, TGR 1.5%) 12-month target A$ 38.00 12-month TSR % +37.4 Volatility
More informationSpotless Group Holdings
AUSTRALIA SPO AU Price (at 05:45, 31 Jan 2017 GMT) Neutral A$0.94 Valuation - Peer multiples A$ 1.02 12-month target A$ 1.02 12-month TSR % +18.3 Volatility Index High GICS sector Commercial & Professional
More informationTelstra Corporation. Vodafone better, but far from good A$6.43 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA TLS AU Price (at 11:23, 21 Jul 2015 GMT) Neutral A$6.43 Valuation A$ 6.37 - DCF (WACC 6.8%, beta 0.8, ERP 5.0%, RFR 3.8%, TGR 1.2%) 12-month target A$ 6.30 12-month TSR % +3.3 Volatility Index
More informationCochlear. Roberts replaced A$88.66 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA COH AU Price (at 06:47, 26 May 2015 GMT) Outperform A$88.66 Valuation A$ 81.19 - DCF (WACC 8.0%, beta 1.0, ERP 5.0%, RFR 3.8%, TGR 3.0%) 12-month target A$ 95.00 12-month TSR % +9.8 Volatility
More informationSouthern Province Cement Company
Southern Province Cement Company Update Report- Transfer of Coverage Buy Year End Target Price SAR 115 120 110 100 June er 19, 03, 2014 2015 Expected Total Return Price as on Jun-02, 2015 100.14 90 80
More informationNOEMALIFE. Tough market in Italy but sound expansion abroad. Hold (maintained) Company Update
NOEMALIFE Company Update Hold (maintained) MARKET PRICE: EUR3.57 TARGET PRICE: EUR3.65 (from EUR3.85) Software for healthcare Data Shares Outstanding (m): 7.6 Market Cap. (EURm): 27.2 Enterprise Value
More informationDubai Financial Market
June 21, 2009 Fair Value Estimate: AED 2.04 Recommendation:: Hold Executive Summary DFM posted a weak operating result in Q1 2009. Total revenue fell 24.7% q-o-q to AED 68.6mn due to lower trading commission
More informationGeox Extract from Corp. Broking Review
Geox Extract from Corp. Broking Review 22.09.2006 Expansion Right on Track. 2Q/1H06 results. 2Q/1H06 results. EUR M 2Q05 2Q06 yoy % 1H05 1H06 yoy % Turnover 42.8 60.2 41 228.6 305.5 34 Gross profit 28.3
More informationFIRST CAPITAL. Asset performance not reflected in the share price. Buy (maintained) Company Update. 20 November :30 PM.
FIRST CAPITAL Company Update Buy (maintained) 5:30 PM MARKET PRICE: EUR10.3 TARGET PRICE: EUR13.8 (unchanged) Financial Holding Data Shares Outstanding (m): 2.55 Market Cap. (EURm): 26.3 NAV (EURm): 39.2
More informationTVS Motors. Source: Company Data; PL Research
Margins trajectory looking up ; Accumulate November 01, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs709
More informationJ&P Avax. No catalyst in sight remains cheap. Greece, Construction. April 8, 2010
Greece, Construction J&P Avax No catalyst in sight remains cheap April 8, 2010 Current price 2.03 Target price 6.50 From 6.40 Upside potential 220.2% Remains Outperform Key data Reuters code AVAr.AT Bloomberg
More informationOur thesis considers the following:
Quarterly Report OMA Market Underperformer 2016 Price Target P$108.8 Price 114.23 12M Price Range 77.19 / 115.63 Shares Outstanding (Mill) 392.2 Market Cap (Mill) 44,796 Float 46% Net Debt (Mill) 2,782
More informationJindal Steel & Power BUY. CMP Target Price `200 `320. 1QFY2019 Result Update Steel & Power. Performance Update
Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 1QFY2019 Result Update Steel & Power August 14, 2018 Jindal Steel & Power Performance Update INR Cr. Q1FY19 Q1FY18
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