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8/9/2019 JUL-23-ERSTE GROUP-Recommendation List International Stocks
1/17
Erste Group Research - Recommendation List 23 July 2010 Page 1
Recommendation ListInternational Stocks 23 July 2010
New recommendations:
AT&S HTC Corp. Perseus Mining
Bekaert
Cancelled:
Novo Nordisk Johnson & Johnson
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Core Investments Modelportfolios
since 1.1.03 since 1.1.10 seit 1.1.03 since 1.1.10
S&P 500 1% 9% Portfolio 108% 16.3%
Amerika S&P 500 $ 24% -1.9% Portfolio (Lo) 155% 5%
Security ISIN Country Sector
PurchaseDate
PurchasePrice
CurrentPrice
Perf.Euro
Outperf.local
Perf.local
VALEANT PHARMACEUTICALS US91911X1046 US Pharma 15.01.2010 34.5 54.7 75.2% 62.6% 58.9%JOHNSON & JOHNSON US4781601046 US Healthcare 14.09.2007 63.1 57 -3.1% 16.7% -9.6%BIOGEN IDEC INC US09062X1037 US Biotechnology 15.05.2009 49 56.2 20.1% -9.2% 14.6%DEL MONTE FOODS US24522P1030 US Food 02.10.2009 11.6 13.8 37.7% 12.3% 18.9%NATIONAL BEVERAGES US6350171061 US Beverages 02.10.2009 11.1 14 40.1% 19.1% 25.8%AMBEV BRAMBVACNPR1 BZ Beverages 27.11.2009 167.1 189 29.1% 15.1% 13.1%CLIFTON STAR RESOURCES CA18713J1084 CN Gold Mining 18.06.2010 4.4 3.9 -15.2% -8.2% -10.6%SILVER WHEATON CA8283361076 CN Silver Mining 07.05.2010 19.5 19.7 0% 3.9% 0.9%MAGMA DESIGN AUTOMATION US5591811022 US Technology 23.04.2010 3.7 3.3 -7.9% -1.2% -10.7%OSISKO MINING CA6882781009 CN Gold Mining 16.07.2010 11.8 11.8 0.3% 1% 0.3%
since 1.1.03 since 1.1.10 seit 1.1.03 since 1.1.10
STOXX 600 26% 0.2% Portfolio 79% 11.4%
Europa
Security ISIN Country Sector
PurchaseDate
PurchasePrice
CurrentPrice
Perf.Euro
Outperf.local
Perf.local
NOVO NORDISK DK0060102614 DK Pharma 05.02.2010 373.5 497 31.4% 16.2% 33.1%NESTLE CH0038863350 CH Food 11.06.2010 54.4 53.6 1.4% 1.4% -1.5%BEKAERT BE0003780948 BE Industrial 23.07.2010 147.4 #WERT! #WERT! #WERT! #WERT!HENKEL DE0006048432 DE Consumer Goods 18.06.2010 41.4 39.9 -3.7% -2.4% -3.7%FRESNILLO GB00B2QPKJ12 GB Silver & Gold Mining 11.06.2010 1013 1104 6.3% 5.4% 9%RANDGOLD GB00B01C3S32 GB Gold Mining 07.05.2010 5580 6055 9.3% 7.5% 8.5%ARM HOLDINGS GB0000595859 GB Technology 23.04.2010 258.9 316.5 25.5% 28.5% 22.2%
since 1.1.03 since 1.1.10 seit 1.1.03 since 1.1.10
Asien MSCI Far East 16% 7.6% Portfolio 95% -13.5%
MSCI Far East (Lo) 8% -8.6% Portfolio(Lo) 127% -22.4%
Security ISIN Country SectorPurchaseDate
PurchasePrice
CurrentPrice
Perf.Euro
Outperf.local
Perf.local
HTC Corp TW0002498003 TW Computers 23.07.2010 551 #WERT! #WERT! #WERT! #WERT!
MITSUBISHI CORP JP3898400001 JN Diversified 23.07.2009 1571 1823 23.9% 21.9% 16%INFOSYS TECHNOLOGIES INE009A01021 IN Technology 22.02.2008 1580.1 2757.8 70.3% 118.8% 74.5%PERSEUS MINING AU000000PRU3 AU Gold Mining 23.07.2010 2.3 #WERT! #WERT! #WERT! #WERT!MEDUSA MINING AU000000MML0 AU Gold Mining 23.04.2010 4.5 4 -11.3% -15.3% -11.8%REAL GOLD MINING KYG740991057 HK Gold Mining 23.04.2010 12.5 11.3 -6.9% -13.2% -9.7%
since 1.1.03 since 1.1.10 seit 1.1.03 since 1.1.10ATX 110% -3.3% Portfolio 750% 1.9%
sterreich
Security ISIN Country SectorPurchaseDate
PurchasePrice
CurrentPrice
Perf.Euro
Outperf.local
CONWERT IMMOBILIEN AT0000697750 AT Real Estate 11.03.2010 8.4 8.7 3.1% 7.3%SPARKASSEN IMMO AT0000652250 AT Real Estate 07.10.2009 5.2 5.1 -2.9% 4.5%RAIFFEISEN INTERNATIONAL AT0000606306 AT Financial 08.02.2010 33.8 33.5 -1.1% -1.3%austriamicrosystems AT0000920863 AT Technology 09.07.2010 35 37.6 7.6% 4.1%VIENNA INS. GROUP AT0000908504 AT Financial 26.05.2006 46.6 36 -22.7% 13.8%INTERCELL AT0000612601 AT Consumer, non-cyclical 06.04.2005 5.7 13.8 141.4% 152.2%
VOESTALPINE AT0000937503 AT Industrial 07.10.2009 24.5 25 1.9% 9.3%RHI AT0000676903 AT Industrial 10.03.2008 27 20.9 -22.7% 11.6%BWT AT0000737705 AT Industrial 19.05.2009 14.2 18.6 31.4% 13.4%SEMPERIT AT0000785555 AT Industrial 18.06.2009 19.4 28.1 44.9% 25.9%OMV AT0000743059 AT Oil & Gas 24.01.2008 43.6 25.1 -42.4% -4.4%KAPSCH TRAFFICCOM AT000KAPSCH9 AT Traffic Management 13.02.2008 27.3 30.5 11.6% 49.8%IMMOFINANZ AT0000809058 AT Real Estate 29.04.2010 3.1 2.4 -22% -13.8%AT&S AT0000969985 AT Technology 23.07.2010 11.6
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Erste Group Research - Recommendation List 23 July 2010 Page 3
USA - Core Investments
Market Cap. (Mil. EUR) 3,205 Return on Equity 84.68
Beta 0.92 Operating Margin 30.01
52-Week-High 55.51 Debt Ratio 61.8
52-Week-Low 24.37 Dividend Yield
PE current Year 24.88 Earnings Growth current year
PEG Ratio 1.88 Earnings Growth next year 3.22
Price/Book Ratio 9.68 Historical Earnings Growth 3.14
Price/Sales Ratio 4.99 Historical Sales Growth 3.13
VALEANT PHARMACEUTICALS
After many years the company is restructured now and in
a much better shape than before. We expect above
sector average growth of earnings and sales for the next
years. Especially the company's exposure to Emerging
Markets is attractive for investors. BUY
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
20
25
30
35
40
45
50
55
60
07.09 09.09 11.09 01.10 03.10 05.10
VALEANT PHARMACEUTICALS MAV 30 MAV 60
Market Cap. (Mil. EUR) 121,628 Return on Equity 26.35Beta 0.67 Operating Margin 27.152-Week-High 66.2 Debt Ratio 22.3352-Week-Low 56.86 Dividend Yield 3.66PE current Year 12.03 Earnings Growth current year -3.68PEG Ratio 1.73 Earnings Growth next year 4.45Price/Book Ratio 2.97 Historical Earnings Growth 4.4Price/Sales Ratio 2.53 Historical Sales Growth 5.06
JOHNSON & JOHNSON
Cancellation: Due to reported serious quality problemsin some manufacturing plants we expect the stock tounderperform the market for some quarters.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
54
56
58
60
62
64
66
68
07.09 09.09 11.09 01.10 03.10 05.10
JOHNSON & JOHNSON MAV 30 MAV 60
Market Cap. (Mil. EUR) 11,599 Return on Equity 16.1
Beta 0.74 Operating Margin 29.59
52-Week-High 60.28 Debt Ratio 14.94
52-Week-Low 41.75 Dividend Yield 0
PE current Year 12.82 Earnings Growth current year 26.22
PEG Ratio 1.45 Earnings Growth next year 3.37
Price/Book Ratio 2.63 Historical Earnings Growth 3.35
Price/Sales Ratio 3.38 Historical Sales Growth 4.98
BIOGEN IDEC INC
Biogen Idec is a globally active Biotech company with
constantly improved sales and profits. The stock is
attractively valued at a PE of 13x and offers investors
high upside potential.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
40
45
50
55
60
65
07.09 09.09 11.09 01.10 03.10 05.10
BIOGEN IDEC INC MAV 30 MAV 60
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USA - Core Investments
Market Cap. (Mil. EUR) 2,124 Return on Equity 14.23Beta 0.84 Operating Margin 13.5852-Week-High 16.14 Debt Ratio 41.452-Week-Low 8.92 Dividend Yield 2.62PE current Year 10.5 Earnings Growth current year 64.86PEG Ratio 1.31 Earnings Growth next year 1.23Price/Book Ratio 1.5 Historical Earnings Growth 1.2
Price/Sales Ratio 0.73 Historical Sales Growth 1.52
DEL MONTE FOODS
Del Monte Foods is a food producer also with sales withinthe pet food market. The company is improving isprofitability which is mainly driven by sales and margingrowth. Due to the cheap valuation (PE: 10) we expect
the stock to clearly outperform the S&P 500 in the longrun.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
6
8
10
12
14
16
18
07.09 09.09 11.09 01.10 03.10 05.10
DEL MONTE FOODS MAV 30 MAV 60
Market Cap. (Mil. EUR) 498 Return on Equity 21.11
Beta 0.88 Operating Margin 8.74
52-Week-High 14.27 Debt Ratio 0
52-Week-Low 8.62 Dividend Yield
PE current Year 19.66 Earnings Growth current year 31.48
PEG Ratio Earnings Growth next year 0.71
Price/Book Ratio 4.56 Historical Earnings Growth 0.71
Price/Sales Ratio 1.08 Historical Sales Growth 0.77
NATIONAL BEVERAGES
National Beverage Corp. is a small company with just
1.200 employees that produce and distribute soft drinks.
We already can see some signs of improvement with
regard to some profitability measures. The company has
a solid balance sheet and also growing cash flows. In our
opinion there is a realistic chance of the stock to
outperform the S&P 500 in the medium term.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
8
9
10
11
12
13
14
15
07.09 09.09 11.09 01.10 03.10 05.10
NATIONAL BEVERAGES MAV 30 MAV 60
Market Cap. (Mil. EUR) 47,720 Return on Equity 27.97
Beta 0.58 Operating Margin 39.57
52-Week-High 190.25 Debt Ratio 24.61
52-Week-Low 130.05 Dividend Yield 4.07
PE current Year 19.51 Earnings Growth current year 16.62
PEG Ratio 1.89 Earnings Growth next year 9.72Price/Book Ratio 5.15 Historical Earnings Growth 9.71
Price/Sales Ratio 5.62 Historical Sales Growth 12.16
AMBEV
Companhia de Bebidas das Americas (AmBev) is the
largest beverage producer in South America. It produces
beer, soft drinks, teas, mineral water, and sports drinks.
The company's main brands are Antarctica, Brahma, andSkol. Ambevs sales grew at an average of about 10%
since 2006. The valuation is at peergroup level and the
business growth prospects are high. We recommend
buying this stock.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
120
130
140
150
160
170
180
190
200
07.09 09.09 11.09 01.10 03.10 05.10
AMBEV MAV 30 MAV 60
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USA - Core Investments
Market Cap. (Mil. EUR) 136 Return on Equity
Beta 1.43 Operating Margin -4.14
52-Week-High 3.88 Debt Ratio 105.69
52-Week-Low 1.31 Dividend Yield
PE current Year Earnings Growth current year 97.58
PEG Ratio Earnings Growth next year -0.07
Price/Book Ratio Historical Earnings Growth -0.07
Price/Sales Ratio 1.35 Historical Sales Growth 0.29
MAGMA DESIGN AUTOMATION
Magma Design Automation is a small software producer
for the semiconductor industry. After restructuring of the
company we can clearly see improvements in profitability
and expect the continuation of this successful turnaround
situation. Under these circumstances the stock has a farabove average potential for further advances.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
1,0
1,5
2,0
2,5
3,0
3,5
4,0
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
MAGMA DESIGN AUTOMATION MAV 30 MAV 60
Market Cap. (Mil. EUR) 5,032 Return on Equity 9.03Beta 1.2 Operating Margin 48.9552-Week-High 22.65 Debt Ratio 7.352-Week-Low 9.21 Dividend Yield 0PE current Year 42.18 Earnings Growth current year 457.14PEG Ratio 2.05 Earnings Growth next year 0.39Price/Book Ratio 3.66 Historical Earnings Growth 0.38Price/Sales Ratio 21.64 Historical Sales Growth 0.92
SILVER WHEATON
The Canadian company buys silver by-products fromcompanies that mine silver. Silver Wheaton in its sectoris an important market participant with prospects forfurther earnings growth in the coming years.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
8
10
12
14
16
18
20
22
24
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
SILVER WHEATON MAV 30 MAV 60
Market Cap. (Mil. EUR) 81 Return on EquityBeta 0.67 Operating Margin52-Week-High 8.25 Debt Ratio 052-Week-Low 1.85 Dividend YieldPE current Year Earnings Growth current yearPEG Ratio Earnings Growth next year -0.09Price/Book Ratio 4.15 Historical Earnings Growth -0.09Price/Sales Ratio Historical Sales Growth -0.11
CLIFTON STAR RESOURCES
A small Canadian gold explorer that is successful indelivering good results concerning existing gold reserves.The company is working together with Osisko Mining.
Due to its small market cap it is risky but offering farabove average performance perspectives for potentialinvestors.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
1
2
3
4
5
6
7
8
9
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
CLIFTON STAR RESOURCES MAV 30 MAV 60
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USA - Core Investments
Market Cap. (Mil. EUR) 3,256 Return on Equity -3.03Beta 0.84 Operating Margin52-Week-High 12.45 Debt Ratio 14.7952-Week-Low 6.42 Dividend Yield 0PE current Year Earnings Growth current yearPEG Ratio Earnings Growth next year -0.08Price/Book Ratio 3.6 Historical Earnings Growth -0.08Price/Sales Ratio Historical Sales Growth
0.5
OSISKO MINING
Osisko is one of the most successful gold miningcompanies in Canada. Production will start at the end of2010. The company has far above average proven goldreserves. It will be able to mine the metal with low costs.
The takeover of Brett Resources and cooperations withClifton Star Resources and Bowmore will promoteOsisiko's developement in the long run.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
6
7
8
9
10
11
12
13
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
OSISKO MINING MAV 30 MAV 60
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Europe - Core Investments
Market Cap. (Mil. EUR) 39,904 Return on Equity 31.34Beta 0.73 Operating Margin 29.2452-Week-High 519 Debt Ratio 3.7452-Week-Low 299.5 Dividend Yield 1.78PE current Year 25.95 Earnings Growth current year 14.73PEG Ratio 1.33 Earnings Growth next year 17.97Price/Book Ratio 9.03 Historical Earnings Growth 17.82
Price/Sales Ratio 5.66 Historical Sales Growth 26.16
NOVO NORDISK
CANCELLATION: With the performance of 31% in Euro since
early February, the stock has more than met our expectations.
Because of the ailing technical constellation (Double Top), we
now take the stock from our recommendation list.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
250
300
350
400
450
500
550
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
NOVO NORDISK MAV 30 MAV 60
Market Cap. (Mil. EUR) 138,030 Return on Equity 20.92
Beta 0.75 Operating Margin 12.61
52-Week-High 54.65 Debt Ratio 30.38
52-Week-Low 41.12 Dividend Yield 3.27
PE current Year 20.71 Earnings Growth current year 29.5
PEG Ratio 1.97 Earnings Growth next year 2.92
Price/Book Ratio 3.81 Historical Earnings Growth 2.91
Price/Sales Ratio 1.9 Historical Sales Growth 3.54
NESTLE
The Swiss food group has already convinced for years
with rising sales and strong margins. With an expected
P/E of 15x for 2011, Nestle valued at the same multiple
as the sector (Stoxx 600 - Food producers). In addition,
the stock currently offers a dividend yield of 3%. Nestle is
a good defensive share with potential.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
40
42
44
46
48
50
52
54
56
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
NESTLE MAV 30 MAV 60
Market Cap. (Mil. EUR) 15,907 Return on Equity 9.29
Beta 0.79 Operating Margin 8.05
52-Week-High 42.54 Debt Ratio 39.76
52-Week-Low 23.97 Dividend Yield 1.51
PE current Year 23.72 Earnings Growth current year -51.06
PEG Ratio 0.97 Earnings Growth next year 1.38
Price/Book Ratio 2.46 Historical Earnings Growth 1.38
Price/Sales Ratio 1.26 Historical Sales Growth 2.82
HENKEL
Handle is a consumer products manufacturer
headquartered in Germany. The company is active in
three main areas "detergent", "Cosmetics and Personal
Care" and "Adhesives, Sealants and Surface Treatment."The company has a global presence- of the
approximately 50,000 employees, more than work 80%
outside Germany. 40% of annual sales come from
outside of Europe. With a P/E of 14x for 2011, the
company is valued below the sector. We continue to
expect positive earnings in this defensive sector. Buy.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
20
25
30
35
40
45
07.09 10.09 01.10 04.10
HENKEL MAV 30 MAV 60
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Europe - Core Investments
Market Cap. (Mil. EUR) 6,506 Return on Equity 5.98
Beta 0.65 Operating Margin 26.29
52-Week-High 6600 Debt Ratio 0.25
52-Week-Low 3351 Dividend Yield 0.31
PE current Year 101.05 Earnings Growth current year 57.22
PEG Ratio 0.67 Earnings Growth next year 0.86
Price/Book Ratio 5.04 Historical Earnings Growth 0.84
Price/Sales Ratio 16.83 Historical Sales Growth 4.12
RANDGOLD
Randgold is a Britsh operator of gold mines in Africa. The
largest mines are located in Mali, the Ivory Coast and
Senegal. In the recent quarters the company increased
turnover, profit and operating margin above its peers. In
line with our positive outlook for a rising gold price, weexpect an above-average performance of Randgold. Buy.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
3.000
3.500
4.000
4.500
5.000
5.500
6.000
6.500
7.000
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
RANDGOLD MAV 30 MAV 60
Market Cap. (Mil. EUR) 9,379 Return on Equity 30.97
Beta 1.25 Operating Margin 50.45
52-Week-High 1139 Debt Ratio 0
52-Week-Low 539.5 Dividend Yield 1.42
PE current Year 37.66 Earnings Growth current year 141.33
PEG Ratio 0.43 Earnings Growth next year 0.45
Price/Book Ratio 10.31 Historical Earnings Growth 0.45
Price/Sales Ratio 14.27 Historical Sales Growth 0.77
FRESNILLO
Fresnillo is the world's largest primary silver producer (3rd in
worldwide total production) and Mexico's second largest gold
producer. The company is listed on the LSE and operates four
producing gold and silver mines and three exploration projects.
Fresnillo plans to double silver production within the next ten years
and increase its gold production to further diversifying its precious
metal asset base in Mexico and possibly in other countries in South
America. In 2009, Fresnillo increased silver production by 9% to a
record 38 Mio. ounces. The company also increased gold production
by 5% to 277,000 ounces. We believe the silver price will extend its
gains and therefore recommend to buy the stock.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
400
500
600
700
800
900
1.000
1.100
1.200
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
FRESNILLO MAV 30 MAV 60
Market Cap. (Mil. EUR) 5,331 Return on Equity 5.47Beta 0.85 Operating Margin 12.5152-Week-High 362.4 Debt Ratio 052-Week-Low 120.5 Dividend Yield 0.87PE current Year 104.77 Earnings Growth current year -7.33PEG Ratio 2.5 Earnings Growth next year 0.03Price/Book Ratio 6.09 Historical Earnings Growth 0.03Price/Sales Ratio 13.89 Historical Sales Growth 0.1
ARM HOLDINGS
ARM Holdings is a technology company headquartered inEngland. The company is best known for its processors,although it also designs, licenses and sells softwaredevelopment tools The ARM Holdings is considered to be
market dominant in the field of mobile phone chips, particularlysmart phones. A characteristic feature of ARM processors istheir low electric power consumption. With the acceleratinggrowth of the smart phone market worldwide we see furtheropportunity in this stock.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
100
150
200
250
300
350
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
ARM HOLDINGS MAV 30 MAV 60
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Europe - Core Investments
Market Cap. (Mil. EUR) 2,974 Return on Equity 12.57
Beta 1.08 Operating Margin 10.53
52-Week-High 149.5 Debt Ratio 35.3
52-Week-Low 80.64 Dividend Yield 2.39
PE current Year 19.44 Earnings Growth current year -12.9
PEG Ratio 1.45 Earnings Growth next year 7.69
Price/Book Ratio 2.31 Historical Earnings Growth 7.67Price/Sales Ratio 1.21 Historical Sales Growth 13.37
BEKAERT
NEW RECOMMENDATION: Bekaert is a Belgian company with
18,000 employees. The company specializes in advanced
metal transformation and advanced materials and coatings.
Main customers are the automotive and construction. Products
include wire and cable, structural steel, fences and filters. Thecompany is well positioned internationally and generates almost
70% of its sales outside Europe. With a P/E of 12x for 2010 and
a very strong technical chart, the stock is a buy
recommendation.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
70
80
90
100
110
120
130
140
150
160
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
BEKAERT MAV 30 MAV 60
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Asia - Core Investments
Market Cap. (Mil. EUR) 26,284 Return on Equity 30.34
Beta 0.67 Operating Margin 30.81
52-Week-High 2911.55 Debt Ratio 0
52-Week-Low 1935 Dividend Yield 1.1
PE current Year 25.31 Earnings Growth current year 5.01
PEG Ratio 1.39 Earnings Growth next year 109.84
Price/Book Ratio 6.92 Historical Earnings Growth 109.72
Price/Sales Ratio 6.97 Historical Sales Growth 157.25
INFOSYS TECHNOLOGIES
The Indian IT service provider is one of the biggest
beneficiaries of globalization. In the past quarter,
turnover exceeded the USD 1 billion mark for the f irst
time, EBIT-margin increased to 28.8 %. For the current
fiscal year, the company expects nearly 30% of profit and
sales growth, due to the current record backlog certainlya realistic expectation. After the recent price declines, we
see the stock now at an attractive entry-level.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
1.500
1.700
1.900
2.100
2.300
2.500
2.700
2.900
3.100
07.09 09.09 11.09 01.10 03.10 05.10
INFOSYS TECHNOLOGIES MAV 30 MAV 60
Marktkap. (Mio. EUR) 28.547 Eigenkapitalrentabilitt 10,22Beta 1,23 Operative Marge 4,0052-Wochen-Hoch 2.542,00 Fremdkapitalquote 57,0452-Wochen-Tief 1.725,00 Dividendenrendite 3,03KGV aktuelles Geschftsjahr 11,39 Gewinnwachstum aktuelles Jahr -25,27Dynamisches KGV 0,42 Gewinnwachstum nchstes Jahr 166,24Kurs/Buchwert 1,05 Historisches Gewinnwachstum 165,86Kurs/Umsatz 0,68 Historisches Umsatzwachstum
MITSUBISHI CORP
RENTABILITT / WACHSTUM (in %)
Mitsubishi Corp. ist ein japanischer Handelskonzern, der zu den zehngrten Unternehmen an der Tokioter Brse zhlt. Mitsubishi ist auchin Zeiten der Wirtschaftskrise ein hoch profitables Unternehmen, dassich durch zahlreiche Investitionen in den letzten Jahren zu einerBeteilungsgesellschaft mit groen Wachstumschancen entwickelt hat.Der Konzern wird an der Brse aufgrund von der 1,4 Mrd. Barrellreserven als reiner Rohstoffwert gehandelt, ist aber unter anderemJapans grter Hhnerproduzent, Besitzer einer Fastfood Kette, undhlt Beteiligungen an einem Batteriehersteller, einem australischemBergwerk und einer Supermarktkette. Wir empfehlen Mitsubishi Corp.als breit diversifiziertes Japan-Investment zum Kauf.
MARKTDATEN / BEWERTUNG
1.400
1.600
1.800
2.000
2.200
2.400
2.600
07.09 09.09 11.09 01.10 03.10 05.10
MITSUBISHI CORP MAV 30 MAV 60
Market Cap. (Mil. EUR) 532 Return on Equity 37.93Beta 1.21 Operating Margin 62.8552-Week-High 4.89 Debt Ratio 052-Week-Low 2.18 Dividend Yield 0PE current Year 13.12 Earnings Growth current yearPEG Ratio Earnings Growth next year 0.23Price/Book Ratio 5.5 Historical Earnings Growth 0.23Price/Sales Ratio 9.16 Historical Sales Growth 0.55
MEDUSA MINING
Australia based Medusa Mining is a debt-free andunhedged company, producing gold at cash costs ofUSD 190 per ounce. The current resource of almost700,000 ounces should be extended to up to 7 millionounces within the next few years. In the medium-term,
Medusa wants to produce 300,000 to 400,000 ounces.The exploration is fully financed from cash f low,moreover we like the shareholder structure.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
5,5
07.09 09.09 11.09 01.10 03.10 05.10
MEDUSA MINING MAV 30 MAV 60
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Asia - Core Investments
Market Cap. (Mil. EUR) 1,027 Return on Equity 35.34
Beta Operating Margin 72.77
52-Week-High 15.74 Debt Ratio 0
52-Week-Low 6.24 Dividend Yield 0
PE current Year 12.65 Earnings Growth current year 66.12
PEG Ratio Earnings Growth next year 0.79
Price/Book Ratio 3.08 Historical Earnings Growth 0.78
Price/Sales Ratio 6.59 Historical Sales Growth 1.08
REAL GOLD MINING
Real Gold Mining is a chinese low-cost producer (cash
costs at USD 208 per ounce) with high-grad mines in
Inner Mongolia. The strong production growth from
capacity expansion and potential acquisitions indicate
attractive upside potential. Therefore we expect thevaluation gap vs. it's peers to narrow.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
5
7
9
11
13
15
17
07.09 09.09 11.09 01.10 03.10 05.10
REAL GOLD MINING MAV 30 MAV 60
Market Cap. (Mil. EUR) 677 Return on Equity -4.99
Beta 1.26 Operating Margin
52-Week-High 2.48 Debt Ratio 0
52-Week-Low 0.73 Dividend Yield 0
PE current Year Earnings Growth current year 22.38
PEG Ratio Earnings Growth next year -0.03
Price/Book Ratio 4.96 Historical Earnings Growth
Price/Sales Ratio Historical Sales Growth 0.02
PERSEUS MINING
New Recommendation: The Austrialian Gold Explorer
has about 7 Mio. Ounces of gold in resouces and will
start production in Q3 2011. Besides the experienced
management, we like the low valuation, high exploration
potential as well as low cash costs.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
0,5
1,0
1,5
2,0
2,5
3,0
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
PERSEUS MINING MAV 30 MAV 60
Market Cap. (Mil. EUR) 10,265 Return on Equity 35.8
Beta 1.01 Operating Margin 16.69
52-Week-High 583 Debt Ratio 0
52-Week-Low 277.5 Dividend Yield 5.48
PE current Year 19.19 Earnings Growth current year -20.61
PEG Ratio 0.84 Earnings Growth next year 28.71
Price/Book Ratio 6.62 Historical Earnings Growth 28.18Price/Sales Ratio 2.99 Historical Sales Growth 46.37
HTC Corp
New Recommendation: The Taiwanes hight-tech
company is specializing in smart phones and currently
holds 70% market share for Windows Mobile
smartphones. The stock is a good buy, due it's low
valuation, dynamic growth, stable margins and a dividend
yield of nearly 5%.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
200
250
300
350
400
450
500
550
600
07.09 09.09 11.09 01.10 03.10 05.10
HTC Corp MAV 30 MAV 60
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Austria XetraCore Investments
Market Cap. (Mil. EUR) 745 Return on Equity 2.98Beta 0.76 Operating Margin 54.5152-Week-High 10.3 Debt Ratio 55.9252-Week-Low 6.14 Dividend Yield 3.45PE current Year 18.52 Earnings Growth current year 60.05PEG Ratio n.a. Earnings Growth next year 51.48Price/Book Ratio 0.55 Historical Earnings Growth -31.52
Price/Sales Ratio 3.45 Historical Sales Growth n.a.
CONWERT IMMOBILIEN
The residential property company is mainly focused onAustria and Germany. Positive is the currently runningshare buyback programme and the valuation of the stockbelow our DCF value and the NAV per share. The start of
dividend payments should be seen positively from ourpoint of view. Additionally, the investment of the syndicatearound H.P. Haselsteiner is certainly attractive for thestock. The envisaged full ECO-takeover should be valueaccretive in the mid-/long-term. Our target price: EUR10.7.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
5
6
7
8
9
10
11
07.09 09.09 11.09 01.10 03.10 05.10CONWERT IMMOBILIEN MAV 30 MAV 60
Market Cap. (Mil. EUR) 345 Return on Equity 6.74
Beta 0.88 Operating Margin 51.17
52-Week-High 6.02 Debt Ratio 62.61
52-Week-Low 3.95 Dividend Yield 0
PE current Year 10.31 Earnings Growth current year -142.75
PEG Ratio n.a. Earnings Growth next year 55.31
Price/Book Ratio 0.67 Historical Earnings Growth 9.03
Price/Sales Ratio 1.84 Historical Sales Growth n.a.
SPARKASSEN IMMO
S Immo disposes of a broadly diversified and conserva-
tively financed property portfolio with a focus on A, GER
and the CEE countries. The currently running
development projects will bring a strong improvement in
cash flows, esp. in 2010/11. The valuation of the stock
exceeds the peer group level based on P/NAV, but due to
expected jump in results it actually becomes much more
attrative. Acquisitions of distressed assets are possible
additional share price triggers. Our target price: EUR 6.5.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
3,5
4,0
4,5
5,0
5,5
6,0
6,5
07.09 09.09 11.09 01.10 03.10 05.10
SPARKASSEN IMMO MAV 30 MAV 60
Market Cap. (Mil. EUR) 5,382 Return on Equity 4.93
Beta 1.34 Operating Margin n.a.
52-Week-High 48.55 Debt Ratio 89.76
52-Week-Low 27.19 Dividend Yield 2.68
PE current Year 18.81 Earnings Growth current year 79.66
PEG Ratio n.a. Earnings Growth next year 177.46
Price/Book Ratio 0.89 Historical Earnings Growth -32.57Price/Sales Ratio n.a. Historical Sales Growth n.a.
RAIFFEISEN INTERNATIONAL
Raiffeisen International (RI) is the holding company for 16
network banks and 17 leasing companies covering the
entire CEE region (including Belarus, Ukraine and
Russia). RI trades rather low in a peer group comparison
due to the happenings around the merger with RZB. Given
that there are some signs of economic improvement in the
CEE region, we see a diminishing probability for negative
surprise. Our target price: under review.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
20
25
30
35
40
45
50
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
RAIFFEISEN INTERNATIONAL MAV 30 MAV 60
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Austria XetraCore Investments
Market Cap. (Mil. EUR) 4,662 Return on Equity 9.76
Beta 1.02 Operating Margin n.a.
52-Week-High 43.75 Debt Ratio 86.01
52-Week-Low 29.96 Dividend Yield 3.06
PE current Year 11.86 Earnings Growth current year 14.07
PEG Ratio n.a. Earnings Growth next year 14.63
Price/Book Ratio 1.12 Historical Earnings Growth 0.63
Price/Sales Ratio n.a. Historical Sales Growth n.a.
VIENNA INS. GROUP
Austrias largest insurance company sets great store by the
expansion into CEE. Almost 50% of the premium volume is
already being earned in the region. In Romania, Bulgaria,
Slovakia and Czech Republic the company is already number
one. The company has a total of some 20 million customers in
24 countries. The GDP of the CEE region is lower GDP incomparison to Western Europe and the region has an enormous
growth potential with respect to insurance density, despite the
short-term negative effects from the economic situation. Our
target price: EUR 44.5.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
25
27
29
31
33
35
37
39
41
43
45
07.09 09.09 11.09 01.10 03.10 05.10
VIENNA INS. GROUP MAV 30 MAV 60
Market Cap. (Mil. EUR) 674 Return on Equity -4.61
Beta 0.75 Operating Margin -29.41
52-Week-High 29.28 Debt Ratio 22.78
52-Week-Low 13.15 Dividend Yield 0
PE current Year n.a. Earnings Growth current year -10.49
PEG Ratio n.a. Earnings Growth next year -124.24
Price/Book Ratio 1.91 Historical Earnings Growth -241.23
Price/Sales Ratio 8.1 Historical Sales Growth 15.48
INTERCELL
Intercell is the first biotech company listed on Wiener
Brse specialized in the development of therapeutic and
prophylactic vaccines. The vaccine market offers excellent
growth perspectives. The first successfully launched
vaccine is against Japanese encephalitis, where sales are
growing. The company has a lot more projects in the
pipeline and in the clinical testing phase with cooperation
partners (esp. Novartis/Merck/Glaxo). Our target price:
EUR 27.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
10
15
20
25
30
35
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
INTERCELL MAV 30 MAV 60
Market Cap. (Mil. EUR) 2,544 Return on Equity 3.91
Beta 0.86 Operating Margin 50.82
52-Week-High 3.32 Debt Ratio 56.43
52-Week-Low 1.38 Dividend Yield 0
PE current Year 12.58 Earnings Growth current year -44.55
PEG Ratio n.a. Earnings Growth next year 8.29
Price/Book Ratio 0.48 Historical Earnings Growth -33.65
Price/Sales Ratio 3.43 Historical Sales Growth n.a.
IMMOFINANZ
Immofinanz is one of the largest property companies in
the CEE region und has been successfully restructured by
the new board around CEO Zehetner, following financial
difficulties. We initiate our coverage with a target price of
EUR 3.0. The current attractive multiples (P/NAV,EV/EBITDA) confirm our positve stance on the share.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
1,0
1,5
2,0
2,5
3,0
3,5
07.09 09.09 11.09 01.10 03.10 05.10
IMMOFINANZ MAV 30 MAV 60
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Austria XetraCore Investments
Market Cap. (Mil. EUR) 4,219 Return on Equity 9.01
Beta 0.97 Operating Margin 7
52-Week-High 31.29 Debt Ratio 62.27
52-Week-Low 18.75 Dividend Yield 3.21
PE current Year 14.54 Earnings Growth current year 374.12
PEG Ratio n.a. Earnings Growth next year 45.81
Price/Book Ratio 1.27 Historical Earnings Growth -27.65
Price/Sales Ratio 0.46 Historical Sales Growth -4.34
VOESTALPINE
voestalpine is a comparatively defensive Austrian steel
company with extensive downstream activities and a clear
focus on high quality niche positions. Long-term contracts
also contribute to a more stable earnings pattern in
comparison to peers. It enjoys a unique regional locationto supply CEE markets with high quality products. Despite
voestalpine's high indebtedness it has no immediate
refinancing needs. Our target price: EUR 28.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
15
17
19
21
23
25
27
29
31
33
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
VOESTALPINE MAV 30 MAV 60
Market Cap. (Mil. EUR) 856 Return on Equity 36.46
Beta 0.95 Operating Margin 9.69
52-Week-High 26.5 Debt Ratio 75.01
52-Week-Low 14.19 Dividend Yield 0
PE current Year 8.91 Earnings Growth current year 326.1
PEG Ratio n.a. Earnings Growth next year 27.18
Price/Book Ratio 2.75 Historical Earnings Growth -8.52
Price/Sales Ratio 0.59 Historical Sales Growth -2.04
RHI
RHI is a global player and has a worldwide number one
position in the refractories business. The most important
customer industries are iron & steel, cement & lime,
nonferrous metals and glass. The situation in the steel
and industrial sector (RHI's clients) is currently improving.
The outlook for 2010 is promising, the restructurings
undertaken were very successful. Our 12-month target
price: EUR 32.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
10
12
14
16
18
20
22
24
26
28
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
RHI MAV 30 MAV 60
Market Cap. (Mil. EUR) 338 Return on Equity 13.17
Beta 0.63 Operating Margin 6.76
52-Week-High 23.22 Debt Ratio 49.77
52-Week-Low 14.03 Dividend Yield 2.15
PE current Year 15.28 Earnings Growth current year -7.6
PEG Ratio n.a. Earnings Growth next year 15.26
Price/Book Ratio 1.93 Historical Earnings Growth -6.35Price/Sales Ratio 0.72 Historical Sales Growth 3.79
BWT
BWT is Europe's leading water technology company.
Recently BWT succesfully entered the filter market (point-
of-use market) for water pitchers, coffee-machines and
other interesting food appliction. We consider BWT as a
quite attractive investment case due to its stable core
business model in combination with the excellent growth
opportunities in the point-of-use segment. Our target
price: EUR 27.3.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
12
14
16
18
20
22
24
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
BWT MAV 30 MAV 60
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Austria XetraCore Investments
Market Cap. (Mil. EUR) 579 Return on Equity 13.62
Beta 0.64 Operating Margin 10.2
52-Week-High 32.47 Debt Ratio 30.18
52-Week-Low 19.1 Dividend Yield 4.53
PE current Year 13.24 Earnings Growth current year 12.47
PEG Ratio n.a. Earnings Growth next year 7.93
Price/Book Ratio 1.75 Historical Earnings Growth -0.73
Price/Sales Ratio 0.77 Historical Sales Growth 6.94
SEMPERIT
Although Semperit is usually seen as cyclical stock, 40%
of the company's revenues are generated by the division
Sempermed which is producing surgical- and examination
gloves. The increase in sales revenues of the last quarters
clearly proved that this division is able to deliver strongfigures even in a very difficult business environment.
Semperit has a solid balance sheet structure with a net
cash position which should enable the company to think
about acquisitions. Our target price is EUR 38.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
17
19
21
23
25
27
29
31
33
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
SEMPERIT MAV 30 MAV 60
Market Cap. (Mil. EUR) 7,652 Return on Equity 11.82
Beta 0.95 Operating Margin 11.5
52-Week-High 32.74 Debt Ratio 52.16
52-Week-Low 23.86 Dividend Yield 3.98
PE current Year 7.5 Earnings Growth current year 75.04
PEG Ratio n.a. Earnings Growth next year 16.87
Price/Book Ratio 0.85 Historical Earnings Growth -14.1
Price/Sales Ratio 0.39 Historical Sales Growth -1.22
OMV
OMV currently suffers from low refining margins, but the
current oil price level is favourable. The stock is still
suitable as a "hedge" for the portfolio against possible oil
price increases and is also a good means to diversify into
the commodity sector. The valuation of the stock is
currently quite low, in our opinion, and does not consider
the strong substance of the company. Our target price:
EUR 38.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
22
24
26
28
30
32
34
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
OMV MAV 30 MAV 60
Market Cap. (Mil. EUR) 373 Return on Equity 18.45
Beta 0.6 Operating Margin 14.24
52-Week-High 33.5 Debt Ratio 48.87
52-Week-Low 20.93 Dividend Yield 2.79
PE current Year 11.84 Earnings Growth current year -8.53
PEG Ratio n.a. Earnings Growth next year 1.03
Price/Book Ratio 2.04 Historical Earnings Growth -0.75Price/Sales Ratio 1.14 Historical Sales Growth 20.71
KAPSCH TRAFFICCOM
KTC benefits in the long-term from budget constraints of
governments and from the ever rising traffic volume. We
see plenty of projects globally in the long term. The
valuation of the stock is only based on existing projects.
Recently there have been good news from the tender in
South Africa and further smaller projects. Our target price:
EUR 38.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
19
21
23
25
27
29
31
33
35
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
KAPSCH TRAFFICCOM MAV 30 MAV 60
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Austria XetraCore Investments
Market Cap. (Mil. EUR) 308 Return on Equity 10.37Beta 0.89 Operating Margin 11.0252-Week-High 43 Debt Ratio 33.0752-Week-Low 13.65 Dividend Yield 1.66PE current Year 15.3 Earnings Growth current year -207.9PEG Ratio n.a. Earnings Growth next year 68.73Price/Book Ratio 1.53 Historical Earnings Growth -8.93
Price/Sales Ratio 1.54 Historical Sales Growth -1.43
austriamicrosystems
austriamicrosystems is a global leader in the design andmanufacture of high performance analog ICs. ams notonly benefits from the ongoing market recovery but alsofrom its recently launched products that set new standards
for various technologies. With its high operating leverageit benefits strongly from an further increase of its capacityutilization. ams produces strong free cash flow that isused for piling up cash and a 25% payout ratio. TargetPrice: CHF 46.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
10
15
20
25
30
35
40
45
07.09 09.09 11.09 01.10 03.10 05.10
austriamicrosystems MAV 30 MAV 60
Market Cap. (Mil. EUR) 299 Return on Equity 11.74Beta 0.83 Operating Margin 952-Week-High 11.64 Debt Ratio 55.6452-Week-Low 3.55 Dividend Yield 2.87PE current Year 10.5 Earnings Growth current year -169.34PEG Ratio n.a. Earnings Growth next year 5.81Price/Book Ratio 1.17 Historical Earnings Growth -26.7Price/Sales Ratio 0.57 Historical Sales Growth -0.93
AT&S
New recommendationAT&S currently benefits from the strong growth in themobile internet area. All plants produce at the capacitylimits and further expansion capex is planned. The outlookfor the next quarters looks promising to us. Despite thealready strong share price increase, we see further upsidepotential. Our target price: EUR 16.1.
MARKET DATA / VALUATION PROFITABILITY / GROWTH (in %)
2
3
4
5
6
7
8
9
10
11
12
07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10 06.10
AT&S MAV 30 MAV 60
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P 7
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Please refer to www.erstegroup.com for the current list of specific disclosures and the breakdown of Erste Groups investment recommendations.
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