ESN Analyser Investment Research - Zonavalue Club€¦ · Gabriele Gambarova, Banca Akros [email protected] +39 02 43 444 289 Accumulate 1.59 closing price as of 30/12/2016

ESN Analyser

Investment Research

Page 1 of 21

Produced & Distributed by the Members of ESN (see last page of this report)

ESN Analyser

Investment Research

ESN Top Picks

Tactical Sector Views

NEWS BY SECTOR

AUTOMOBILES & PARTS

Piaggio (Accumulate) New credit lines for EUR 45m

FINANCIAL SERVICES

Bolsas y Mercados Espanoles SA (Neutral) December 2016 trading volume -27.5% (estimated)

FOOD & BEVERAGE

Raisio (Neutral) Raisio’s Benemilk feeds granted patents in Finland and New Zealand

FOOD & DRUG RETAILERS

Sonae (Buy) Sale and leaseback operation – neutral for the stock

GENERAL RETAILERS

Stockmann (Accumulate) The divestment of Hobby Hall completed as planned

MATERIALS, CONSTRUCTION & INFRASTRUCTURE

Atlantia (Accumulate) Toll increases for Italian network

SIAS (Buy) 2017 toll increases

SRV (Buy) SRV redeems its first hybrid bond

MEDIA

Atresmedia (Buy) The Spanish series “Velvet” a case study

TELECOMMUNICATIONS

Euskaltel (Buy) Bestinver exceeds 3%

TRAVEL & LEISURE

SPAIN: November incoming tourist data

Finnair (Reduce) Finnair forced to cancel flights

ESN Top Picks

Page 2 of 21


Blue Chips Top Picks

Compa ny Count r y S e c t or I de a Ra t i ngP r i c e a s of

0 1/ 0 1/ 2 0 17

Ta r ge t

P r i c e

Upsi de /

Downsi deEnt r y da t e

Ent r y

pr i c e

Ent r y

pr i c e

( D i v .

Adj )

Tot a l

Re t ur n

Ent r y To

Da t e

Re l . Cml . d

pe r f . v s Eur o

S t ox x

ALLI ANZ Germany Insurance Long Buy 157.00 175.00 11% 13/ 12/ 2016 155.00 155.00 1. 3 % -1.2%

AM ADEUS Spain Support Services Long Buy 43.17 50.70 17% 18/ 08/ 2016 41.96 41.96 2 . 9 % -5.8%

CI E FI N . R I CHEM ONT Swit zerland Personal Goods Long Buy 67.45 76.00 13% 17/ 10/ 2016 66.30 66.30 1. 7 % -5.7%

EDP RENOVÁVEI S Port ugal Ut ilit ies Long Buy 6.04 7.70 28% 14/ 11/ 2016 5.82 5.82 3 . 7 % -4.3%

ENAGAS Spain Ut ilit ies Long Buy 24.13 32.00 33% 22/ 11/ 2016 23.24 23.24 3 . 8 % -4.0%

I NDI TEX Spain General Ret ailers Long Accumulat e 32.43 36.10 11% 18/ 08/ 2016 30.93 30.33 6 . 9 % -1.8%

KP N TELECOM Net herlands Telecommunicat ions Long Buy 2.81 3.55 26% 20/ 09/ 2016 2.82 2.82 - 0 . 2 % -9.1%

P OS TE I TALI ANE It aly Banks Long Accumulat e 6.31 7.90 25% 03/ 11/ 2016 5.96 5.96 5 . 8 % -3.3%

RELX Net herlands Media Long Accumulat e 15.99 16.75 5% 27/ 10/ 2016 15.14 15.14 5 . 6 % -0.2%

TECHNI P France Oil Services Long Buy 67.81 67.00 -1% 18/ 10/ 2016 58.60 58.60 15 . 7 % 7.8% source: ESN Members’ estimates

M/S Caps Top Picks

Compa ny Count r y S e c t or I de a Ra t i ngP r i c e a s of

0 1/ 0 1/ 2 0 17

Ta r ge t

P r i c e

Upsi de /

Downsi deEnt r y da t e

Ent r y

pr i c e

Ent r y pr i c e

( D i v . Adj )

Tot a l

Re t ur n

Ent r y To

Da t e

Re l . Cml . d

pe r f . v s

Eur o

S t ox x

ACERI NOX Spain Basic Resources Long Buy 12.61 14.00 11% 18/ 08/ 2016 11.71 11.71 7 . 6 % -1.1%

CAF Spain Indust r ial Transport at ion Long Accumulat e 38.30 43.00 12% 18/ 08/ 2016 34.28 34.28 11. 7 % 3.0%

CELLNEX TELECOM Spain Support Services Long Buy 13.67 19.60 43% 11/ 11/ 2016 13.03 13.03 4 . 9 % -2.7%

DEUTS CHE P FANDBRI EFBANK Germany Banks Long Accumulat e 9.12 11.30 24% 22/ 08/ 2016 8.10 8.10 12 . 6 % 3.7%

EUS KALTEL Spain Telecommunicat ions Long Buy 8.42 12.00 43% 11/ 11/ 2016 8.62 8.62 - 2 . 3 % -9.9%

FOLLI FOLLI E GROUP Greece General Ret ailers Long Buy 19.23 26.00 35% 06/ 12/ 2016 18.10 18.10 6 . 2 % -0.9%

FORFARM ERS Net herlands Food & Beverage Long Buy 6.65 8.30 25% 28/ 09/ 2016 6.48 6.48 2 . 6 % -6.2%

FUGRO Net herlands Oil Services Long Buy 14.55 19.00 31% 20/ 10/ 2016 15.56 15.56 - 6 . 5 % -12.7%

GRENKE Germany Financial Services Long Buy 149.00 200.00 34% 06/ 12/ 2016 138.00 138.00 8 . 0 % 0.8%

HUHTAM ÄKI Finland General Indust r ials Long Buy 35.28 41.00 16% 17/ 11/ 2016 33.86 33.86 4 . 2 % -3.9%

I NDRA S I S TEM AS Spain Sof t ware & Comput er Services Long Accumulat e 10.41 12.55 21% 09/ 12/ 20016 10.05 10.05 3 . 6 % -0.6%

KWS S AAT Germany Chemicals Long Buy 282.00 346.00 23% 06/ 12/ 2016 271.00 271.00 4 . 1% -3.1%

M OTOR OI L Greece Oil & Gas Producers Long Buy 13.10 15.00 15% 02/ 12/ 2016 12.14 12.14 7 . 9 % 0.2%

NATI ONAL BANK OF GREECE Greece Banks Long Buy 0.25 0.41 65% 21/ 11/ 2016 0.21 0.21 18 . 1% 10.0%

NH HOTEL GROUP Spain Travel & Leisure Long Buy 3.85 6.80 77% 18/ 08/ 2016 4.00 4.00 - 3 . 9 % -12.6%

NOS Port ugal Telecommunicat ions Long Buy 5.64 7.00 24% 05/ 12/ 2016 5.22 5.22 8 . 0 % 0.6%

OP AP Greece Travel & Leisure Long Buy 8.40 12.00 43% 21/ 11/ 2016 8.68 8.68 - 3 . 2 % -11.3%

YOOX NET- A- P ORTER It aly General Ret ailers Long Buy 26.94 31.30 16% 16/ 11/ 2016 24.55 24.55 9 . 7 % 2.2%

source: ESN Members’ estimates

This selection of stocks is not intended to provide a recommended portfolio; therefore there is no point in comparing its performance with any benchmark. The performance of each stock has to be considered independently. Risk factors are taken into account when selecting individual stocks but the risk profile of the selection as a whole is not considered. The approach used to select each investment idea is opportunistic with an absolute return target.

ESN Tactical Sector Views

Page 3 of 21


Tactical Sector Allocation Matrix Dec 2016

SectorCurrent Tactical

ViewAction

Previous

Tactical View

Stoxx 600

Weighting

LATEST REVIEW

DATE

Automobiles & Parts = dow ngrade + 3% Nov-16

Banks + upgrade - 13% Nov-16

Basic Resources = = 3% Nov-16

Chemicals = = 5% Nov-16

Construction & Materials + + 3% Nov-16

Financial Services = upgrade - 2% Nov-16

Food & Beverage = dow ngrade + 6% Nov-16

Healthcare = dow ngrade + 13% Nov-16

Industrial Good & Services + + 12% Nov-16

Insurance + upgrade - 6% Nov-16

Media = upgrade - 3% Nov-16

Oil & Gas + upgrade = 5% Dec-16

Personal & Household Goods = dow ngrade + 9% Nov-16

Real Estate - dow ngrade + 2% Nov-16

Retail - - 3% Nov-16

Technology + + 4% Nov-16

Telecommunications - dow ngrade = 4% Nov-16

Travel & Leisure - dow ngrade + 2% Nov-16

Utilities - dow ngrade + 4% Nov-16

Legend: + (Overw eight); =/+ (Slightly Overw eight); = (Market Weight); =/- (Slightly Underw eight); - (Underw eight);

Note: The tactical sector view is the shorter term trading view of the ESN strategy team and it can vary from the longer term

fundamental view of the relevant ESN sector analyst team

Page 4 of 21


Piaggio

Italy/Automobiles & Parts Analyser

AUTOMOBILES & PARTS

Piaggio (Accumulate) New credit lines for EUR 45m

New credit lines for EUR 45m

The facts: PIA obtained two mid-term unsecured loans for amounts totalling EUR

45m, with Banca Popolare di Milano and Banca del Mezzogiorno-Mediocredito

Centrale. The news was disseminated on Friday December 30th

during trading

hours.

Our analysis: BPM granted PIA EUR 25m, consisting of a 5.5 year EUR 12.5m

amortising loan, and a tranche for the same amount in the form of a 4-year

revolving credit facility. In addition, PIA arranged a 5.5 EUR 20m revolving credit

facility with Banca del Mezzogiorno-Mediocredito Centrale.

PIA claimed that the new lines of credit are part of the company's on-going

activities to optimise its debt structure in order to refinance the portion due in

2017, extend its average debt maturity and reduce its average borrowing cost.

We remind you that the only bond issued by PIA (an EUR 250m emission) will

mature only in 2021.

Conclusion & Action: the news – neutral – has been already discounted.

Analyst(s):

Gabriele Gambarova, Banca Akros

[email protected]

+39 02 43 444 289

Accumulate

1.59

closing price as of 30/12/2016

2.30

Target Price unchanged

Recommendation unchanged

Target price: EUR

Share price: EUR

Reuters/Bloomberg PIA.MI/PIA IM

Market capitalisation (EURm) 573

Current N° of shares (m) 361

Free float 39%

Daily avg. no. trad. sh. 12 mth 758

Daily avg. trad. vol. 12 mth (m) 417

Price high 12 mth (EUR) 2.26

Price low 12 mth (EUR) 1.43

Abs. perf. 1 mth 4.62%

Abs. perf. 3 mth -4.69%


Key financials (EUR) 12/15 12/16e 12/17e

Sales (m) 1,295 1,333 1,434

EBITDA (m) 162 172 193

EBITDA margin 12.5% 12.9% 13.5%

EBIT (m) 57 64 87

EBIT margin 4.4% 4.8% 6.1%

Net Profit (adj.)(m) 12 17 32

ROCE 4.0% 4.6% 6.3%

Net debt/(cash) (m) 498 471 450

Net Debt/Equity 1.2 1.2 1.1

Debt/EBITDA 3.1 2.7 2.3

Int. cover(EBITDA/Fin. int) 4.4 4.8 5.7

EV/Sales 1.1 0.8 0.7

EV/EBITDA 8.5 6.3 5.5

EV/EBITDA (adj.) 8.5 6.3 5.5

EV/EBIT 24.1 16.7 12.2

P/E (adj.) nm 33.3 17.7

P/BV 2.1 1.4 1.4

OpFCF yield 3.7% 7.6% 6.2%

Dividend yield 3.2% 3.2% 3.8%

EPS (adj.) 0.03 0.05 0.09

BVPS 1.12 1.12 1.16

DPS 0.05 0.05 0.06

1.40

1.50

1.60

1.70

1.80

1.90

2.00

2.10

2.20

2.30

Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17

vvdsvdvsdy

PIAGGIO Stoxx Automobiles & Parts (Rebased)Source: Factset

Shareholders: IMMSI 51%; Della Valle Diego 5%;

Financière de l'Echiquier 5%;

Page 5 of 21


Bolsas y Mercados Españoles SA

Spain/Financial Services Analyser

FINANCIAL SERVICES

Bolsas y Mercados Espanoles SA (Neutral) New credit lines for EUR 45m

December 2016 trading volume -27.5% (estimated)

The facts: Trading volume in December reached an estimated EUR49,039m,

5.5% above November 2016, but 27.5% below December 2015.

Our analysis: As we can observe in the following graphs, since October 2016,

the 3m accumulated volume began to recovery, but below levels a year ago. The

accumulated 12m volume (up to December) reached an estimated EUR650bn

and represents -32.5% Y/Y.

Conclusion: We reiterate our opinion that current trading volume levels seem to

have reached the bottom, thus should improve although the outlook indicates a

progressive recovery. At estimated 2016 results, BME presents an attractive

dividend yield of 6.4% (lacks debt). Against 2016 results, BME has distributed up

to EUR83.6m (gross) in dividends, that the Company can pay in light of its over

EUR200m net cash position at September 2016. Recommendation reiterated.

Analyst(s):

Javier Bernat, GVC Gaesco Beka

[email protected]

+34 91 436 7816

Neutral

28.00


30.00



Target price: EUR

Share price: EUR

Reuters/Bloomberg BME.MC/BME SM

Market capitalisation (EURm) 2,341


Free float 88%


Daily avg. trad. vol. 12 mth (m) 5,384






Key financials (EUR) 12/15 12/16 12/17

Sales (m) 348 322 348

EBITDA (m) 245 216 237

EBITDA margin 70.4% 67.2% 68.2%

EBIT (m) 239 212 231

EBIT margin 68.5% 65.9% 66.4%


ROCE 147.5% 154.2% 194.1%

Net debt/(cash) (m) (231) (269) (307)

Net Debt/Equity -0.5 -0.6 -0.6

Debt/EBITDA -0.9 -1.2 -1.3

Int. cover(EBITDA/Fin. int) (269.7) (154.4) (474.6)

EV/Sales 6.8 6.4 5.8

EV/EBITDA 9.7 9.6 8.6

EV/EBITDA (adj.) 9.6 9.6 8.5

EV/EBIT 9.9 9.8 8.8

P/E (adj.) 15.0 14.6 13.5

P/BV 5.5 4.9 4.8

OpFCF yield 7.1% 5.5% 6.5%


EPS (adj.) 2.08 1.92 2.08

BVPS 5.66 5.75 5.83

DPS 1.93 1.79 1.93

49474439

3150

6648

786361

746870

806362

9789

8489

8681

9481

949662

4490

7672

7965

5175

60

Dec

-16

Nov

-16

Oct

-16

Sep

-16

Aug

-16

Jul-1

6Ju

n-16

May

-16

Apr

-16

Mar

-16

Feb-

16Ja

n-16

Dec

-15

Nov

-15

Oct

-15

Sep

-15

Aug

-15

Jul-1

5Ju

n-15

May

-15

Apr

-15

Mar

-15

Feb-

15Ja

n-15

Dec

-14

Nov

-14

Oct

-14

Sep

-14

Aug

-14

Jul-1

4Ju

n-14

May

-14

Apr

-14

Mar

-14

Feb-

14Ja

n-14

Dec

-13

Source BME / Elaborated GVC Gaesco Beka

Monthly Cash Equity Trading (EUR Bn)

140

130

11412

0

147

165

193

18920

1

19820

321221

8

Dec

-16

Nov

-16

Oct

-16

Sep

-16

Aug

-16

Jul-1

6

Jun-

16

May

-16

Apr

-16

Mar

-16

Feb-

16

Jan-

16

Dec

-15

Source BME / Elaborated BEKA Finance

3M Cash Equity Trading (EUR Bn)

650

962

885

704

700

9271,

039

899

1,24

6

2016

E

2015

2014

2013

2012

2011

2010

2009

2008

Source BME / Elaborated BEKA Finance

Cash Equity Trading 12M (EUR Bn)

23

24

25

26

27

28

29

30

31


vvdsvdvsdy

BOLSAS Y MERCADOS ESPANOLES SA IGBM (Rebased)Source: Factset

Shareholders: CF ALBA 12%;

Page 6 of 21


Raisio

Finland/Food & Beverage Analyser

FOOD & BEVERAGE

Raisio (Neutral) December 2016 trading volume -27.5% (estimated)

Raisio’s Benemilk feeds granted patents in Finland and New Zealand

The facts: Raisio announced on Friday that it had received new patents for its

Benemilk feed innovation. In Finland, a patent was granted for the Benemilk

feeds and their manufacturing methods, and in New Zealand, patents were

granted for the feeds and their manufacturing method as well as for the milk

produced by Benemilk fed cows.

Our analysis: Patent-related news is categorically positive. First of all, patents

strengthen the basis for Benemilk’s market position in Finland as patents protect

the technical advantage of Benemilk feeds against competitors’ copying attempts

for the term of the patent (Benemilk feeds have an established market share in

Finland of about 7%). In general, positive patent decisions are also a strong

additional indication about the validity of an innovation and its suitability to be

patented. Previously, Benemilk had been granted patents in South Africa and

Australia.

In our opinion, the new patents are not significant for Raisio's investment story in

the short term as the commercial potential of the innovation is currently restricted

by the weak situation in the milk market, which reduces the producers’ incentives

to invest in the implementation of new technologies. However, in the long run, the

value of the innovations could be significant if conditions become more

favourable. So far, Raisio has minimised its investments in the international

commercialisation of the innovation and it focuses on proceeding with the

ongoing patent processes and defending the innovation’s intellectual property

rights against any violations.

Conclusion & Action: We have not assigned any value on Benemilk’s

international potential in our current target price (EUR 3.80) as there is no notable

profit potential in sight in this respect.

Analyst(s):

Niclas Catani, OP Corporate Bank

[email protected]

+358 10 252 8780

Neutral

3.57


3.80



Target price: EUR

Share price: EUR

Reuters/Bloomberg RAIVV.HE/RAIVV FH



Free float 98%









Sales (m) 494 521 438

EBITDA (m) 28 70 40

EBITDA margin 5.7% 13.4% 9.1%

EBIT (m) 7 42 28

EBIT margin 1.4% 8.1% 6.4%


ROCE 6.8% 10.2% 10.2%

Net debt/(cash) (m) 40 45 18



Int. cover(EBITDA/Fin. int) high high high

EV/Sales 1.4 1.1 1.3

EV/EBITDA 24.9 8.5 14.3

EV/EBITDA (adj.) 12.5 7.5 9.3

EV/EBIT nm 14.1 20.4

P/E (adj.) nm 17.2 34.9

P/BV 1.9 1.6 1.6

OpFCF yield 3.6% 8.0% 3.8%


EPS (adj.) 0.00 0.21 0.10

BVPS 2.23 2.18 2.23

DPS 0.16 0.18 0.19

3.2

3.4

3.6

3.8

4.0

4.2

4.4

4.6


vvdsvdvsdy

RAISIO Stoxx Food & Beverage (Rebased)Source: Factset

Shareholders: Keskinäinen Eläkevakuutusyhtiö

Ilmarinen 4%; Maa- ja

metsätaloustuottajain Keskusliitto MTK

r.y. 2%; Central Union of Agricultural

Page 7 of 21


Sonae

Portugal/Food & Drug Retailers Analyser

FOOD & DRUG RETAILERS

Sonae (Buy) Raisio’s Benemilk feeds granted patents in Finland and New Zealand

Sale and leaseback operation – neutral for the stock

The facts: In a statement sent to CMVM, Sonae informed the market on

December 30, that Sonae RP concluded the sale and leaseback transaction of the

property where Continente Albufeira operates.

Our analysis: According to the statement, this transaction will amount to EUR

21.4m and generate a capital gain of EUR 3.4m.

With the conclusion of this transaction, Sonae MC’s freehold should stand close to

50%.

Conclusion & Action: Even though this operation is not considered in our current

estimates, we do not see it as materially changing Sonae’s investment case.

Analyst(s):

José Mota Freitas, CFA, Caixa-Banco de Investimento

[email protected]

+351 22 607 09 31

Buy

0.87


1.45



Target price: EUR

Share price: EUR

Reuters/Bloomberg YSO.LS/SON PL


Current N° of shares (m) 2,000

Free float 34%

Daily avg. no. trad. sh. 12 mth 3,910








Sales (m) 5,014 5,422 5,754

EBITDA (m) 334 324 360


EBIT (m) 148 156 123

EBIT margin 2.9% 2.9% 2.1%


ROCE 6.0% 5.2% 4.2%

Net debt/(cash) (m) 1,304 1,234 1,133




EV/Sales 0.4 0.4 0.3

EV/EBITDA 6.2 5.9 5.1

EV/EBITDA (adj.) 6.2 5.9 5.1

EV/EBIT 14.1 12.3 14.8

P/E (adj.) 12.0 9.6 13.8

P/BV 1.3 0.9 0.9

OpFCF yield -0.2% 1.6% 10.8%


EPS (adj.) 0.09 0.09 0.06

BVPS 0.83 0.92 0.94

DPS 0.08 0.00 0.04

0.60

0.65

0.70

0.75

0.80

0.85

0.90

0.95

1.00

1.05

1.10


vvdsvdvsdy

SONAE Geral (Rebased)Source: Factset

Shareholders: Efanor 52%; BPI 9%; Fund. Berardo 2%;

Invesco 1.97%; Treas. Shares -0.17%;

Page 8 of 21


Stockmann

Finland/General Retailers Analyser

GENERAL RETAILERS

Stockmann (Accumulate) Sale and leaseback operation – neutral for the stock

The divestment of Hobby Hall completed as planned

The facts: Stockmann announced this morning that Hobby Hall’s business

operations have been transferred to the new owner, the Finnish SGN Group, on 1

January 2017. The transaction was completed according to a letter of intent

prepared in April.

Our analysis: The transaction price does not have a significant effect on

Stockmann’s earnings, but the divestment will improve Stockmann’s profitability.

Stockmann reports that Hobby Hall’s sales in 2016 were approximately EUR 72m,

which means a reduction of about 16% YoY while we had anticipated a reduction

of about 10%. According to the company, the operating result in 2016 will be

reported as a part of Stockmann’s Financial Statements Bulletin, which will be

published on 15 February 2017. As part of the transaction, approximately 150

Hobby Hall’s employees were transferred to SGN Group. Hobby Hall’s logistics

and warehouse functions were transferred to Posti on 1 May 2016.

Conclusion & Action: We retain our recommendation and target price for

Stockmann unchanged.

Analyst(s):

Niclas Catani, OP Corporate Bank

[email protected]

+358 10 252 8780

Accumulate

7.06


7.20



Target price: EUR

Share price: EUR

Reuters/Bloomberg STCBV.HE/STCBV FH



Free float 100%









Sales (m) 1,469 1,332 1,229

EBITDA (m) 20 79 113


EBIT (m) (52) 20 56

EBIT margin nm 1.5% 4.6%

Net Profit (adj.)(m) (89) (16) 29

ROCE -2.1% 0.8% 2.3%

Net debt/(cash) (m) 764 749 712




EV/Sales 0.8 0.9 0.9

EV/EBITDA 57.5 15.2 10.3

EV/EBITDA (adj.) 57.5 15.2 10.3

EV/EBIT nm 59.1 20.7

P/E (adj.) nm nm 17.3

P/BV 0.4 0.5 0.5

OpFCF yield 3.4% -3.7% 8.3%


EPS (adj.) (1.23) (0.22) 0.41

BVPS 14.53 14.24 14.57

DPS 0.00 0.00 0.00

4.5

5.0

5.5

6.0

6.5

7.0

7.5


vvdsvdvsdy

STOCKMANN Stoxx General Retailers (Rebased)Source: Factset

Shareholders: HTT STC Holding Oy Ab 12%;

Föreningen Konstsamfundet -ryhmä 9%;

Svenska litteratursällskapet i Finland r.f.

8%;

Page 9 of 21


Atlantia

Italy/Materials, Construction & Infrastructure Analyser


Atlantia (Accumulate) The divestment of Hobby Hall completed as planned

Toll increases for Italian network

The facts: the Ministry of Infrastructure and Transport and the Ministry of the

Economy and Finance issued a decree on toll increases

Our analysis: the toll increase to be applied from January 2017 by Autostrade

per l'Italia is 0.64%.

The increase, in accordance with the single concession agreement is the sum of

the following components: 0.00% corresponding to the inflation rate; 0.62%

designed to provide a return on capital expenditure via the X component; 0.02%

designed to provide a return on capital expenditure via the K component.

Conclusion & Action: the foregoing increase is in line with our assumptions.

Recommendation and target confirmed.

Analyst(s):

Francesco Sala, Banca Akros

[email protected]

+39 02 4344 4240

Accumulate

22.26


27.00



Target price: EUR

Share price: EUR

Reuters/Bloomberg ATL.MI/ATL IM



Free float 52%

Daily avg. no. trad. sh. 12 mth 1,982








Sales (m) 5,304 5,295 5,488

EBITDA (m) 3,215 3,349 3,475

EBITDA margin 60.6% 63.2% 63.3%

EBIT (m) 2,212 2,376 2,450

EBIT margin 41.7% 44.9% 44.7%


ROCE 5.0% 5.3% 5.4%

Net debt/(cash) (m) 10,399 10,028 10,070




EV/Sales 6.1 5.7 5.5

EV/EBITDA 10.0 8.9 8.6

EV/EBITDA (adj.) 10.0 8.9 8.6

EV/EBIT 14.6 12.6 12.2

P/E (adj.) 27.3 20.1 19.2

P/BV 3.0 2.6 2.5

OpFCF yield 5.2% 6.5% 4.7%


EPS (adj.) 0.90 1.11 1.16

BVPS 8.13 8.49 8.82

DPS 0.88 0.97 1.04

19

20

21

22

23

24

25

26

27

28

dic 15 gen 16 feb 16 mar 16 apr 16 mag 16 giu 16 lug 16 ago 16 set 16 ott 16 nov 16 dic 16 gen 17

vvdsvdvsdy

ATLANTIA Stoxx Construction & Materials (Rebased)Source: Factset

Shareholders: Sintonia 30%; Investco 8%; Blackrock

5%; Fondazione CRT 5%;

Page 10 of 21


SIAS

Italy/Materials, Construction & Infrastructure Analyser


SIAS (Buy) Toll increases for Italian network

2017 toll increases

The facts: the Ministry of Infrastructure and Transport and the Ministry of the

Economy and Finance issued a decree on toll increases

Our analysis: the following toll increases will be applied on the network managed

by Sias in Italy:

Ativa – 0.88%

Cisa – 0.24%

Satap A4 – 4.60%

Satap A 21 -0.81%

Torino Savona – 2.46%

Brebemi – 7.88%

Tem – 1.90%

Conclusion & Action: the negotiations over the tariff increases and the

concessions’ financial plans are still ongoing. We believe the present stock price

does not discount any positive outcome.

Analyst(s):

Francesco Sala, Banca Akros

[email protected]

+39 02 4344 4240

Buy

8.10


11.50



Target price: EUR

Share price: EUR

Reuters/Bloomberg SIS.MI/SIS IM



Free float 18%









Sales (m) 1,088 1,090 1,201

EBITDA (m) 652 642 713

EBITDA margin 59.9% 58.9% 59.3%

EBIT (m) 357 345 445

EBIT margin 32.8% 31.7% 37.0%


ROCE 5.3% 5.0% 6.4%

Net debt/(cash) (m) 1,575 1,591 1,158




EV/Sales 3.0 2.7 2.1

EV/EBITDA 5.0 4.6 3.5

EV/EBITDA (adj.) 5.0 4.6 3.5

EV/EBIT 9.1 8.5 5.7

P/E (adj.) 13.9 11.7 8.6

P/BV 1.3 1.0 0.9

OpFCF yield 0.6% 3.5% 27.0%


EPS (adj.) 0.71 0.69 0.94

BVPS 7.71 8.04 8.67

DPS 0.32 0.34 0.37

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

dic 15 gen 16 feb 16 mar 16 apr 16 mag 16 giu 16 lug 16 ago 16 set 16 ott 16 nov 16 dic 16 gen 17

vvdsvdvsdy

SIAS Stoxx Construction & Materials (Rebased)Source: Factset

Shareholders: Gavio Group 73%; Lazard AM 5%;

Generali Group 4%;

Page 11 of 21


SRV

Finland/Materials, Construction & Infrastructure Analyser


SRV (Buy) 2017 toll increases

SRV redeems its first hybrid bond

The facts: SRV announced on Thursday, 29 December, that it had redeemed the

final EUR 16.7m of the hybrid bond issued in 2012. The bond carried annual

coupon of 9.5%. SRV had previously redeemed part of this hybrid bond in 2016

while it issued a new hybrid bond worth EUR 45m. The annual coupon on this

hybrid bond is 8.75%, and the bond can be redeemed on 22 March 2020.

Our analysis: SRV has tied up a lot of capital in projects and its financial

expenses are high. Even though we estimate that operating profit will increase by

over EUR 10m this year, the shareholder's net profit will decrease. We expect

investments and strong volume growth to begin to improve the bottom line in

2017–2018.

Conclusion & Action: The earnings outlook for Q4 is strong, but the upside to

our EUR 5.50 target price has narrowed following the share price rise.

Analyst(s):

Matias Rautionmaa, OP Corporate Bank

[email protected]

+358 10 252 4408

Buy

5.43


5.50



Target price: EUR

Share price: EUR

Reuters/Bloomberg SRV1V.HE/SRV1V FH



Free float 100%









Sales (m) 751 880 1,063

EBITDA (m) 28 39 54


EBIT (m) 24 36 50

EBIT margin 3.3% 4.1% 4.7%


ROCE 7.1% 8.8% 10.8%

Net debt/(cash) (m) 231 268 289




EV/Sales 0.6 0.7 0.6

EV/EBITDA 16.6 16.3 12.4

EV/EBITDA (adj.) 16.6 16.3 12.4

EV/EBIT 19.0 17.8 13.3

P/E (adj.) 13.4 22.1 11.6

P/BV 0.7 1.1 1.1

OpFCF yield 23.9% -11.4% -3.4%


EPS (adj.) 0.23 0.25 0.47

BVPS 4.58 4.83 5.13

DPS 0.10 0.10 0.11

2.5

3.0

3.5

4.0

4.5

5.0

5.5


vvdsvdvsdy

SRV OMXH (Rebased)Source: Factset

Shareholders: Kokkila Ilpo 22%; Kolpi Investments Oy

19%; Kokkila Timo 13%;

Page 12 of 21


Atresmedia

Spain/Media Analyser

MEDIA

Atresmedia (Buy) SRV redeems its first hybrid bond

The Spanish series “Velvet” a case study

The facts: We have carried out a case study on the Spanish success series,

Velvet (timeless content being historical) and how it should serve as an example

on how to maximise the value of the Group’s in-house production.

Our analysis: The series was produced by Bambú Producciones (33% Studio

Canal) and the rights were later sold to A3M. The series began broadcasting in

2014 and includes 3 seasons (43 episodes), ending in the third week of

December. The series had an average 21% audience and 3.8m viewers.

Below is the virtual cycle of these types of productions

As observed, the rights are capitalised via:

International sales to over 20 countries in both original version and

adapted.

Multichannel broadcasting in national FTA. Especially targeted to the

female audience with medium/high purchasing power in channels such as

Antena 3, Nova and Atreseries. Rebroadcasted by international Pay-TV

channels.

Atresplayer’s wide ranged library, enriched with the streaming online

channel.

Merchandising

Conclusion: The main danger we see, and in fact taking place, is that said OTTs

begin to outsource independent production services such as Bambú (hired by

Netflix for its first series produced in Spain) and implies certain inflation in audio-

visual content production. The strategy for groups such as A3M includes:

Increase independent producer base.

Not take stakes in these and therefore not be obliged to acquire contents

from a single source. The intention is to prioritise talent without any ties.

We recommend taking positions in the stock prior to 4Q’ 2016 results.

Analyst(s):

Eduardo Garcia Arguelles, GVC Gaesco Beka

[email protected]

+34 914 367 810

Buy

10.39


13.20



Target price: EUR

Share price: EUR

Reuters/Bloomberg A3M.MC/A3M SM



Free float 35%









Sales (m) 970 1,022 1,070

EBITDA (m) 166 209 250

EBITDA margin 17.1% 20.5% 23.3%

EBIT (m) 145 188 228

EBIT margin 14.9% 18.4% 21.3%


ROCE 20.8% 26.2% 30.2%

Net debt/(cash) (m) 160 150 135




EV/Sales 2.5 2.4 2.3

EV/EBITDA 14.4 11.9 9.9

EV/EBITDA (adj.) 14.4 11.9 9.9

EV/EBIT 16.5 13.3 10.9

P/E (adj.) 22.4 16.0 13.1

P/BV 4.6 5.0 5.3

OpFCF yield 1.9% 4.3% 7.0%


EPS (adj.) 0.44 0.65 0.80

BVPS 2.15 2.07 1.96

DPS 0.36 0.55 0.72

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

11.5

12.0


vvdsvdvsdy

ATRESMEDIA Stoxx Media (Rebased)Source: Factset

Shareholders: Grupo Planeta-de Agostini 42%; RTL

19%; Imagina 4%;

Page 13 of 21


Euskaltel

Spain/Telecommunications Analyser

TELECOMMUNICATIONS

Euskaltel (Buy) The Spanish series “Velvet” a case study

Bestinver exceeds 3%

The facts: According to the CNMV, Bestinver holds a 3.032% stake in the

operator.

Our analysis: This movement was in parallel to the positioning of other relevant

investors and the management. Specifically, we refer to 40 North Latitude

acquired 1% capital. Other shareholders also increased stakes such as UBS (9%)

and Artemis (5%).

On the other hand, the CEO also acquired 5,000 shares at EUR9.05/sh. in

Nov-16 thus is the second manager behind Albert Garcia Erauzkin who holds

0.235% capital.

Conclusion: The operator was listed at EUR12/share and has performed

negatively on the market (-27.3% in 2016) partially due to the sector and also

unstable management since the unexpected exit of the previous CEO.

However, this scenario is an opportunity to buy shares at current prices.

We lean on the following aspects: 1) important cash generation (c. 8% FCF yield

2017e) and high margins (EIBTDA mg 48.6% 2016e), synergies arising from the

acquisition of R in the ramp-up period mainly in 4Q’16/2017, attractive dividend

policy and positive impressions from the meeting with the new CEO (focus on

value generation for shareholders, advance in convergence and boosting n-play

service sales while maintaining capex under control).

Analyst(s):

Eduardo Garcia Arguelles, GVC Gaesco Beka

[email protected]

+34 914 367 810

Buy

8.42


12.00



Target price: EUR

Share price: EUR

Reuters/Bloomberg EKT.MC/EKT SM



Free float 61%









Sales (m) 327 570 580

EBITDA (m) 143 277 290

EBITDA margin 43.6% 48.6% 50.0%

EBIT (m) 64 154 169

EBIT margin 19.5% 26.9% 29.2%


ROCE 2.3% 5.5% 5.8%

Net debt/(cash) (m) 1,358 1,243 1,137




EV/Sales 9.0 4.2 4.1

EV/EBITDA 20.7 8.7 8.1

EV/EBITDA (adj.) 20.7 8.7 8.1

EV/EBIT 46.2 15.8 13.9

P/E (adj.) nm 14.9 12.0

P/BV 2.1 1.4 1.1

OpFCF yield 5.6% 7.6% 8.3%


EPS (adj.) 0.05 0.56 0.70

BVPS 5.56 6.12 7.35

DPS 0.00 0.00 0.51

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

11.5


vvdsvdvsdy

EUSKALTEL Stoxx Telecommunications (Rebased)Source: Factset

Shareholders: Kutxabank 25%; Corp. Financ. Alba 10%;

JP Morgan Chase 4%;

Page 14 of 21


Travel & Leisure

Analyser

TRAVEL & LEISURE

Bestinver exceeds 3% SPAIN: November incoming tourist data

The facts: INE released November incoming tourist data, with 4.1m

international visitors, +9.2% vs. November 2015. UK is the main feeder

country (21.1% total, +12.3% during the year). Germany and France are next

with +6.1% and +7.1%, respectively during the year. Year-to-date, the number

of incoming tourists grows at +10.1%, around 71.6m.

Our analysis: We highlight three aspects: 1) although the double digit

growths seen in recent months has been lost, data is still positive in terms of

incoming tourists maintaining double digits in the annual accumulated figure

and surpassing 2015 year-end (68m) thus a new high is expected in 2016, the

fourth consecutive which could be close to 75m (+10.2% during the year). 2)

Per receiving communities, all positive in accumulated terms, highlighting the

double digit growths in all except Catalonia. Standing out: Canary Islands

+12.7%; Madrid +12.6%; and Valencia +16.8%. 3) Lodgings: hotels (+11.2%)

continue to surpass rentals (+6.5%) in the accumulated terms.

Conclusion: Double digit growths continue in incoming tourists and hotel

lodgings continue to growth above rentals. Following the November close, the

year could close at c.75m tourist vs. 68m 2015 (+10.2%) and the fourth

consecutive annual high.

---------- Stoxx Travel & Leisure,

DJ Stoxx TMI rebased on sector

Analyst(s):

Sonia Ruiz De Garibay, GVC Gaesco Beka

[email protected]

+34 91 436 7841

310

320

330

340

350

360

370

380

390

400

410

420


vvdsvdvsdy

Page 15 of 21


Finnair

Finland/Travel & Leisure Analyser

TRAVEL & LEISURE

Finnair (Reduce) SPAIN: November incoming tourist data

Finnair forced to cancel flights

The facts: Finnair had to cancel a total of seven flights on Sunday due to a ban

on pilots working additional flights and pilot roster changes. The Finnish Pilots'

Association has set a ban on Finnair’s pilots working additional flights and pilot

roster changes. The pilots' collective agreement expired on 15 November 2016

and the negotiations on a new agreement are still ongoing.

Our analysis: As a result of the training of pilots for new aircraft types, Finnair

has currently fewer pilots available for duty than normally. It is also possible that

additional cancellations will take place over the next few days. Costs are likely to

increase in the short term due to reorganisations and leasing additional capacity.

Conclusion & Action: We retain our recommendation and target price for Finnair

unchanged.

Analyst(s):

Jari Raisanen, OP Corporate Bank

[email protected]

+358 10 252 4504

Reduce

4.03


4.10



Target price: EUR

Share price: EUR

Reuters/Bloomberg FIA1S.HE/FIA1S FH



Free float 100%









Sales (m) 2,255 2,335 2,450

EBITDA (m) 132 160 184


EBIT (m) 122 105 148

EBIT margin 5.4% 4.5% 6.1%


ROCE 31.2% 11.0% 13.4%

Net debt/(cash) (m) (358) (122) (76)

Net Debt/Equity -0.5 -0.2 -0.1

Debt/EBITDA -2.7 -0.8 -0.4


EV/Sales 0.1 0.2 0.2

EV/EBITDA 1.5 2.4 2.3

EV/EBITDA (adj.) 1.5 2.4 2.3

EV/EBIT 1.6 3.6 2.8

P/E (adj.) 44.8 10.8 7.9

P/BV 1.0 0.7 0.6

OpFCF yield -23.4% -54.4% -9.4%


EPS (adj.) 0.12 0.37 0.51

BVPS 5.67 6.03 6.61

DPS 0.00 0.05 0.10

3.8

4.0

4.2

4.4

4.6

4.8

5.0

5.2

5.4

5.6

5.8


vvdsvdvsdy

FINNAIR OMXH (Rebased)Source: Factset

Shareholders: Suomen valtio / Valtioneuvoston kanslia

56%; Keva 5%; Ilmarinen Keskinäinen

Eläkevakuutusyhtiö 3%;

Page 16 of 21


European Coverage of the Members of ESN

A ero space & D efense M em(*) Caixabank GVC Nexans CIC Laurent Perrier CIC

Airbus Group CIC Commerzbank EQB Pkc Group OPG Ldc CIC

Dassault Aviation CIC Credem BAK Rexel CIC Naturex CIC

Latecoere CIC Credit Agrico le Sa CIC Schneider Electric Se CIC Olvi OPG

Leonardo BAK Creval BAK Vaisala OPG Parmalat BAK

Lisi CIC Deutsche Bank EQB Viscom EQB Pernod Ricard CIC

Ohb Se EQB Deutsche Pfandbriefbank EQB F inancial Services M em(*) Raisio OPG

Safran CIC Eurobank IBG Anima BAK Refresco Group NIBC

Thales CIC Intesa Sanpaolo BAK Athex Group IBG Remy Cointreau CIC

Zodiac Aerospace CIC M ediobanca BAK Azimut BAK Suedzucker EQB

A lternat ive Energy M em(*) M erkur Bank EQB Banca Generali BAK Vidrala GVC

Daldrup & Soehne EQB National Bank Of Greece IBG Banca Ifis BAK Vilmorin CIC

Gamesa GVC Natixis CIC Banca Sistema BAK Viscofan GVC

A uto mo biles & P arts M em(*) Nordea OPG Bb Biotech EQB Vranken Pommery M onopole CIC

Bittium Corporation OPG Piraeus Bank IBG Bolsas Y M ercados Espanoles Sa GVC Wessanen NIBC

Bmw EQB Poste Italiane BAK Capman OPG F o o d & D rug R etailers M em(*)

Brembo BAK Societe Generale CIC Christian Dior CIC Aholddelhaize NIBC

Continental EQB Ubi Banca BAK Cir BAK Carrefour CIC

Daimler Ag EQB Unicredit BAK Comdirect EQB Casino Guichard-Perrachon CIC

Elringklinger EQB B asic R eso urces M em(*) Corp. Financiera Alba GVC Dia GVC

Faurecia CIC Acerinox GVC Deutsche Boerse EQB Jeronimo M artins CBI

Ferrari BAK Altri CBI Deutsche Forfait EQB Kesko OPG

Fiat Chrysler Automobiles BAK Arcelormittal GVC Eq OPG M arr BAK

Landi Renzo BAK Corticeira Amorim CBI Euronext CIC M etro EQB

Leoni EQB Ence GVC Ferratum EQB Sligro NIBC

M ichelin CIC Europac GVC Finecobank BAK Sonae CBI

Nokian Tyres OPG M etka IBG Grenke EQB General Industria ls M em(*)

Norma Group EQB M etsä Board OPG Hypoport Ag EQB 2G Energy EQB

Piaggio BAK M ytilineos IBG M lp EQB Aalberts NIBC

Plastic Omnium CIC Outokumpu OPG Ovb Holding Ag EQB Accell Group NIBC

Sogefi BAK Semapa CBI Patrizia EQB Ahlstrom OPG

Stern Groep NIBC Ssab OPG Rallye CIC Arcadis NIBC

Valeo CIC Stora Enso OPG Tip Tamburi Investment Partners BAK Aspo OPG

Volkswagen EQB Surteco EQB Unipol Gruppo Finanziario BAK Huhtamäki OPG

B anks M em(*) The Navigator Company CBI F o o d & B everage M em(*) Kendrion NIBC

Aareal Bank EQB Tubacex GVC Acomo NIBC Nedap NIBC

Aktia OPG Upm-Kymmene OPG Atria OPG Pöyry OPG

Alpha Bank IBG C hemicals M em(*) Bonduelle CIC Prelios BAK

Banca Carige BAK Air Liquide CIC Campari BAK Saf-Holland EQB

Banca M ps BAK Holland Colours NIBC Coca Cola Hbc Ag IBG Serge Ferrari Group CIC

Banco Popular GVC Kemira OPG Corbion NIBC Tkh Group NIBC

Banco Sabadell GVC Kws Saat EQB Danone CIC Wendel CIC

Banco Santander GVC Linde EQB Ebro Foods GVC

Bankia GVC Siegfried Holding Ag EQB Enervit BAK

Bankinter GVC Tikkurila OPG Fleury M ichon CIC

Bbva GVCElectro nic & Electrical

EquipmentM em(*) Forfarmers NIBC

Bcp CBI Areva CIC Heineken NIBC

Bnp Paribas CIC Euromicron Ag EQB Hkscan OPG

Bper BAK Legrand CIC La Doria BAK

Bpi CBI Neways Electronics NIBC Lanson-Bcc CIC

Page 17 of 21


General R etailers M em(*) Datalogic BAK Cramo OPG M ediaset Espana GVC

Beter Bed Holding NIBC Deutz Ag EQB Eiffage CIC Notorious Pictures BAK

Elumeo Se EQB Duro Felguera GVC Ellaktor IBG Nrj Group CIC

Fielmann EQB Emak BAK Eltel OPG Publicis CIC

Folli Fo llie Group IBG Exel Composites OPG Ezentis GVC Rcs M ediagroup BAK

Fourlis Holdings IBG Gesco EQB Fcc GVC Relx NIBC

Groupe Fnac Sa CIC Ima BAK Ferrovial GVC Rtl Group EQB

Inditex GVC Interpump BAK Heidelberg Cement Ag CIC Sanoma OPG

Jumbo IBG Kone OPG Heijmans NIBC Solocal Group CIC

M acintosh NIBC Konecranes OPG Imerys CIC Spir Communication CIC

Rapala OPG M anz Ag EQB Lafargeholcim CIC Syzygy Ag EQB

Stockmann OPG M ax Automation Ag EQB Lehto OPG Telegraaf M edia Groep NIBC

Yoox Net-A-Porter BAK M etso Corporation OPG Lemminkäinen OPG Tf1 CIC

H ealthcare M em(*) Outotec OPG M aire Tecnimont BAK Ubisoft CIC

4Sc EQB Pfeiffer Vacuum EQB M ota Engil CBI Vivendi CIC

Amplifon BAK Ponsse OPG Obrascon Huarte Lain GVC Wolters Kluwer NIBC

Bayer EQB Prima Industrie BAK Ramirent OPG Oil & Gas P ro ducers M em(*)

Biotest EQB Prysmian BAK Royal Bam Group NIBC Eni BAK

Cytotools Ag EQB Smt Scharf Ag EQB Sacyr GVC Galp Energia CBI

Diasorin BAK Technotrans EQB Saint Gobain CIC Gas Plus BAK

Epigenomics Ag EQB Valmet OPG Salini Impregilo BAK Hellenic Petro leum IBG

Fresenius EQB Wärtsilä OPG Sias BAK M aurel Et Prom CIC

Fresenius M edical Care EQB Zardoya Otis GVC Sonae Industria CBI M otor Oil IBG

Gerresheimer Ag EQB Industria l T ranspo rtat io n M em(*) Srv OPG Neste Corporation OPG

Korian CIC Bollore CIC Thermador Groupe CIC Petrobras CBI

M erck EQB Caf GVC Titan Cement IBG Qgep CBI

Orio la-Kd OPG Ctt CBI Trevi BAK Repsol GVC

Orion OPG Logwin EQB Uponor OPG Total CIC

Orpea CIC Insurance M em(*) Vicat CIC Oil Services M em(*)

Pihlajalinna OPG Allianz EQB Vinci CIC Bourbon CIC

Recordati BAK Axa CIC Yit OPG Cgg CIC

Rhoen-Klinikum EQB Banca M edio lanum BAK M edia M em(*) Fugro NIBC

Wilex EQB Catto lica Assicurazioni BAK Ad Pepper EQB Rubis CIC

H o useho ld Go o ds M em(*) Generali BAK Alma M edia OPG Saipem BAK

Bic CIC Hannover Re EQB Atresmedia GVC Sbm Offshore NIBC

De Longhi BAK M apfre Sa GVC Axel Springer EQB Technip CIC

Fila BAK M unich Re EQB Axelero BAK Tecnicas Reunidas GVC

Osram Licht Ag EQB Sampo OPG Brill NIBC Tenaris BAK

Philips Lighting NIBC Talanx Group EQB Cofina CBI Vallourec CIC

Seb Sa CIC Unipolsai BAK Cts Eventim EQB Vopak NIBC

Zumtobel Group Ag EQBM aterials, C o nstruct io n &

InfrastructureM em(*) Editoriale L'Espresso BAK

Industria l Engineering M em(*) Abertis GVC Gl Events CIC

Accsys Technologies NIBC Acs GVC Havas CIC

Aixtron EQB Aena GVC Impresa CBI

Alstom CIC Aeroports De Paris CIC Io l BAK

Ansaldo Sts BAK Astaldi BAK Ipsos CIC

Biesse BAK Atlantia BAK Jcdecaux CIC

Cargotec Corp OPG Boskalis Westminster NIBC Lagardere CIC

Cnh Industrial BAK Buzzi Unicem BAK M 6-M etropole Television CIC

Danieli BAK Caverion OPG M ediaset BAK

Page 18 of 21


P erso nal Go o ds M em(*) Ctac NIBC Ingenico CIC Acea BAK

Adidas EQB Digia OPG Kontron EQB Albioma CIC

Adler M odemaerkte EQB Docdata NIBC Nokia OPG Direct Energie CIC

Amer Sports OPG Econocom CIC Roodmicrotec NIBC Edp CBI

Basic Net BAK Ekinops CIC Slm Solutions EQB Edp Renováveis CBI

Cie Fin. Richemont CIC Esi Group CIC Stmicroelectronics BAK Enagas GVC

Geox BAK Exprivia BAK Suess M icrotec EQB Endesa GVC

Gerry Weber EQB F-Secure OPG Teleste OPG Enel BAK

Hermes Intl. CIC Gemalto CIC T eleco mmunicat io ns M em(*) Erg BAK

Hugo Boss EQB Gft Technologies EQB Acotel BAK Eydap IBG

Interparfums CIC Ict Group NIBC Deutsche Telekom EQB Falck Renewables BAK

Kering CIC Indra Sistemas GVC Drillisch EQB Fortum OPG

L'Oreal CIC Nemetschek Se EQB Elisa OPG Gas Natural Fenosa GVC

Luxottica BAK Neurones CIC Euskaltel GVC Hera BAK

Lvmh CIC Nexus Ag EQB Freenet EQB Iberdro la GVC

M arimekko OPG Novabase CBI Kpn Telecom NIBC Iren BAK

M oncler BAK Ordina NIBC M asmovil GVC Italgas BAK

Puma EQB Psi EQB Nos CBI Public Power Corp IBG

Safilo BAK Reply BAK Oi CBI Red Electrica De Espana GVC

Salvatore Ferragamo BAK Rib Software EQB Orange CIC Ren CBI

Sarantis IBG Seven Principles Ag EQB Ote IBG Snam BAK

Technogym BAK Software Ag EQB Tele Columbus EQB Terna BAK

Tod'S BAK Sopra Steria Group CIC Telecom Italia BAK

R eal Estate M em(*) Tie Kinetix NIBC Telefonica GVC

Adler Real Estate EQB Tieto OPG Telia OPG

Beni Stabili BAK Tomtom NIBC Tiscali BAK

Citycon OPG United Internet EQB Vodafone BAK

Demire EQB Visiativ CIC T ravel & Leisure M em(*)

Deutsche Euroshop EQB Wincor Nixdorf EQB Accor CIC

Grand City Properties EQB Suppo rt Services M em(*) Air France Klm CIC

Hispania Activos Inmobiliarios GVC Amadeus GVC Autogrill BAK

Igd BAK Asiakastieto Group OPG Beneteau CIC

Lar España GVC Batenburg NIBC Elior CIC

M erlin Properties GVC Bureau Veritas S.A. CIC Europcar CIC

Realia GVC Cellnex Telecom GVC Finnair OPG

Sponda OPG Dpa NIBC I Grandi Viaggi BAK

Technopolis OPG Edenred CIC Iberso l CBI

Vib Vermoegen EQB Ei Towers BAK Int. A irlines Group GVC

Wcm Ag EQB Enav BAK Intralo t IBG

So ftware & C o mputer Services M em(*) Fiera M ilano BAK Kotipizza OPG

Affecto OPG Lassila & Tikanoja OPG M elia Hotels International GVC

Akka Technologies CIC Openjobmetis BAK Nh Hotel Group GVC

Alten CIC Teleperformance CIC Opap IBG

Altran CICT echno lo gy H ardware &

EquipmentM em(*) Snowworld NIBC

Assystem CIC Asm International NIBC Sodexo CIC

Atos CIC Asml NIBC Sonae Capital CBI

Basware OPG Besi NIBC Trigano CIC

Capital For Progress 1 BAK Elmos Semiconductor EQB Utilit ies M em(*)

Cenit EQB Ericsson OPG A2A BAK

Comptel OPG Gigaset EQB Acciona GVC

LEGEND: BAK: Banca Akros; CIC: CM CIC Market Solutions; CBI: Caixa-Banca de Investimento; GVC: GVC Gaesco Beksa, SV, SA; EQB: Equinet bank; IBG: Investment Bank of

Greece, NIBC: NIBC Markets N.V: OPG: OP Corporate Bank:; as of 1st December 2016

Page 19 of 21


List of ESN Analysts (**)

Ari Agopyan CIC +33 1 53 48 80 63 [email protected] Victoria Kruchevska (CFA,FRM) EQB +49 69 5 89 97 416 [email protected]

Artur Amaro CBI +351 213 89 6822 [email protected] Jean-Christophe Lefèvre-Moulenq CIC +33 1 53 48 80 65 [email protected]

Helena Barbosa CBI +351 21 389 6831 [email protected] Konstantinos Manolopoulos IBG +30 210 817 3388 [email protected]

Javier Bernat GVC +34 91 436 7816 jav [email protected] Katharina Mayer EQB +49 69 58997-432 [email protected]

Dimitris Birbos IBG +30 210 81 73 392 [email protected] Dario Michi BAK +39 02 4344 4237 [email protected]

Agnès Blazy CIC +33 1 53 48 80 67 [email protected] Marietta Miemietz CFA EQB +49-69-58997-439 [email protected]

Charles Edouard Boissy CIC +33 01 53 48 80 81 [email protected] José Mota Freitas, CFA CBI +351 22 607 09 31 [email protected]

Rafael Bonardell GVC +34 91 436 78 71 [email protected] Henri Parkkinen OPG +358 10 252 4409 [email protected]

Louise Boyer CIC +33 1 53 48 80 68 [email protected] Victor Peiro Pérez GVC +34 91 436 7812 [email protected]

Christian Bruns EQB +49 69 58997 415 [email protected] Francis Prêtre CIC +33 4 78 92 02 30 [email protected]

Giada Cabrino, CIIA BAK +39 02 4344 4092 [email protected] Francesco Previtera BAK +39 02 4344 4033 francesco.prev [email protected]

Arnaud Cadart CIC +33 1 53 48 80 86 [email protected] Jari Raisanen OPG +358 10 252 4504 [email protected]

Niclas Catani OPG +358 10 252 8780 [email protected] Hannu Rauhala OPG +358 10 252 4392 [email protected]

Pierre Chedeville CIC +33 1 53 48 80 97 [email protected] Matias Rautionmaa OPG +358 10 252 4408 [email protected]

Emmanuel Chevalier CIC +33 1 53 48 80 72 [email protected] Eric Ravary CIC +33 1 53 48 80 71 [email protected]

David Consalvo CIC +33 1 53 48 80 64 [email protected] Iñigo Recio Pascual GVC +34 91 436 7814 [email protected]

Edwin de Jong NIBC +312 0 5508569 [email protected] Gerard Rijk NIBC + 31 (0)20 550 8572 [email protected]

Martijn den Drijver NIBC +312 0 5508636 [email protected] André Rodrigues CBI +351 21 389 68 39 [email protected]

Christian Devismes CIC +33 1 53 48 80 85 [email protected] Jean-Luc Romain CIC +33 1 53 48 80 66 [email protected]

Andrea Devita, CFA BAK +39 02 4344 4031 [email protected] Vassilis Roumantzis IBG +30 2108173394 [email protected]

Sebastian Droste EQB +49 69 58 99 74 34 [email protected] Sonia Ruiz De Garibay GVC +34 91 436 7841 [email protected]

Enrico Esposti, CIIA BAK +39 02 4344 4022 [email protected] Antti Saari OPG +358 10 252 4359 [email protected]

Rafael Fernández de Heredia GVC +34 91 436 78 08 [email protected] Paola Saglietti BAK +39 02 4344 4287 [email protected]

Enrico Filippi, CEFA BAK +39 02 4344 4071 [email protected] Francesco Sala BAK +39 02 4344 4240 [email protected]

Gabriele Gambarova BAK +39 02 43 444 289 [email protected] Tim Schuldt, CFA EQB +49 69 5899 7433 [email protected]

Eduardo Garcia Arguelles GVC +34 914 367 810 [email protected] Cengiz Sen EQB +4969 58997 435 [email protected]

Alexandre Gérard CIC +33 1 53 48 80 93 [email protected] Pekka Spolander OPG +358 10 252 4351 [email protected]

Philipp Häßler, CFA EQB +49 69 58997 414 [email protected] Kimmo Stenvall OPG +358 10 252 4561 [email protected]

Simon Heilmann EQB +49 69 58 997 413 [email protected] Natalia Svyrou-Svyriadi IBG +30 210 81 73 384 [email protected]

Dr. Knud Hinkel, CFA EQB + 49 69 58997 419 [email protected] Luigi Tramontana BAK +39 02 4344 4239 [email protected]

Carlos Jesus CBI +351 21 389 6812 [email protected] Johan van den Hooven NIBC +312 0 5508518 [email protected]

Mark Josefson EQB +4969-58997-437 [email protected] Kévin Woringer CIC +33 1 53 48 80 69 [email protected]

(**) excluding: strategists, macroeconomists, heads of research not covering specific stocks, credit analysts, technical analysts

Page 20 of 21


ESN Recommendation System The ESN Recommendation System is Absolute. It means that each stock is rated on the basis of

a total return, measured by the upside potential (including dividends and capital reimbursement)

over a 12 month time horizon.

The ESN spectrum of recommendations (or ratings) for each stock comprises 5 categories: Buy

(B), Accumulate (A), Neutral (N), Reduce (R) and Sell (S).

Furthermore, in specific cases and for a limited period of time, the analysts are allowed to rate the

stocks as Rating Suspended (RS) or Not Rated (NR), as explained below.

Meaning of each recommendation or rating:

Buy: the stock is expected to generate total return of over 15% during the next 12 months time horizon

Accumulate: the stock is expected to generate total return of 5% to 15% during the next 12 months time horizon

Neutral: the stock is expected to generate total return of -5% to +5% during the next 12 months time horizon

Reduce: the stock is expected to generate total return of -5% to -15% during the next 12 months time horizon

Sell: the stock is expected to generate total return under -15% during the next 12 months time horizon

Rating Suspended: the rating is suspended due to a change of analyst covering the stock or a capital operation (take-over bid, SPO, …) where the issuer of the document (a partner of ESN) or a related party of the issuer is or could be involved

Not Rated: there is no rating for a company being floated (IPO) by the issuer of the document (a partner of ESN) or a related party of the issuer

Certain flexibility on the limits of total return bands is permitted especially during higher phases of volatility on the markets

ESN Ratings Breakdown

Date and time of production:02 janvier 2017 09:11 am CET First date and time of dissemination: 02 janvier 2017 9:14 am CET

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Caixa-Banco de Investimento

Rua Barata Salgueiro, nº 33

1269-057 Lisboa

Portugal

Phone: +351 21 313 73 00

Fax: +351 21 389 68 98

GVC Gaesco Beka, SV, SA

C/ Marques de Villamagna 3

28001 Madrid

Spain

Phone: +34 91 436 7813

Investment Bank of Greece

32 Aigialeias Str & Paradissou,

151 25 Maroussi,

Greece

Tel: +30 210 81 73 383

Banca Akros S.p.A.

Viale Eginardo, 29

20149 MILANO

Italy

Phone: +39 02 43 444 389

Fax: +39 02 43 444 302

NIBC Markets N.V.

Nieuwezijds Voorburgwal 162

P.O.Box 235

1000 AE Amsterdam

The Netherlands

Phone: +31 20 550 8500

Fax: +31 20 626 8064

CM - CIC Market Solutions

6, avenue de Provence

75441 Paris

Cedex 09

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equinet Bank AG

Gräfstraße 97

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Documents

ESN Analyser Investment Research - Zonavalue Club€¦ · Gabriele Gambarova, Banca Akros [email protected] +39 02 43 444 289 Accumulate 1.59 closing price as of 30/12/2016