Berentzen Gruppe

Berentzen
Company report
Germany/ Food & Beverage
Investment Research
Reason: Estimates Revision
Hold
5 November 2013
Improvement in sales momentum postponed
Recommendation unchanged
4.80
Share price: EUR
closing price as of 01/11/2013
Target price: EUR
5.60
6.50
from Target Price: EUR
Reuters/Bloomberg
BEZ3.DE/BEZ3 GY
Daily avg. no. trad. sh. 12 mth
Daily avg. trad. vol. 12 mth (m)
Price high 12 mth (EUR)
Price low 12 mth (EUR)
Abs. perf. 1 mth
Abs. perf. 3 mth
Abs. perf. 12 mth
100
0.48
6.36
4.45
-3.0%
4.3%
-22.6%
Market capitalisation (EURm)
Current N° of shares (m)
Free float
46
10
41%
Key financials (EUR)
Sales (m)
EBITDA (m)
EBITDA margin
EBIT (m)
EBIT margin
Net Profit (adj.)(m)
ROCE
Net debt/(cash) (m)
Net Debt Equity
Net Debt/EBITDA
Int. cover(EBITDA/Fin.int)
EV/Sales
EV/EBITDA
EV/EBITDA (adj.)
EV/EBIT
P/E (adj.)
P/BV
OpFCF yield
Dividend yield
EPS (adj.)
BVPS
DPS
12/12
148
8
5.4%
1
0.4%
(2)
1.1%
(12)
-0.2
-1.5
5.5
0.4
6.9
6.9
93.7
nm
1.1
-8.8%
3.1%
(0.17)
5.62
0.15
12/13e
153
8
5.5%
1
0.7%
(3)
2.2%
(5)
-0.1
-0.6
2.0
0.3
6.0
6.0
46.9
nm
0.9
-11.9%
nm
(0.35)
5.42
(0.14)
12/14e
161
13
8.0%
6
3.5%
2
12.0%
(6)
-0.1
-0.5
3.7
0.3
3.8
3.8
8.7
20.0
0.9
-1.0%
3.3%
0.24
5.53
0.16
Berentzen is still stuck in the middle of its turnaround with the main target to
achieve a return to stronger sales growth momentum. Especially the
implementation of sales expansion in the domestic branded business and abroad
is yet to be delivered. Hence, we have to reduce our 2013 and 2014 operating
forecast. We stick to a Hold recommendation for the time being. Once positive
signs from the strategic measures are becoming visible, upside potential in the
Berentzen share price could be material.

Latest results: The H2 2013 interim statement was pretty much painting the same
picture as in H1 2013 with a decent development in the domestic spirituous
beverages as well as non-alcoholic beverages businesses on the one hand and a
5% decline in the international spirituous beverages business on the other hand.
H1 results, which was the last release of full P&L figures, showed a 3.1% growth in
net sales, an EBIT of EUR 0.2m and a net loss of EUR 6.0m. Sales advanced by
3%, which was based on 8% higher units of spirituous beverages sold and an 0.5%
increase in the units of non-alcoholic beverages sold. Growth in sales units of
spirituous beverages was driven by growth in the white label segment (+17.6%)
while units sold of branded products decreased by 7.4%. The operating margin was
under pressure again from high raw material costs and from a less favourable
product mix. In addition, start-up costs of new foreign activities in the range of EUR
2m and the depreciation of asset values of EUR 3.2m linked to the Pepsi contract
(to be terminated at the end of 2015) weighed on earnings.

Guidance 2013: Guidance for 2013 is for sales growth both domestically as well as
abroad and a positive operating result (EBIT) for the Berentzen group.

Changes to our forecast: With 2013 so far below our expectation, we are reducing
our sales forecast for 2013 and 2014 mainly based on a more cautious assumption
for sales of branded spirituous beverages in the domestic market and a somewhat
delayed positive effect from the expansion abroad. Additionally, unchanged from
our previous view, adverse effects from raw materials as well as costs for the
expansion abroad are likely to lead to lower margins in the short- to mid-term.
Forecast: New vs. old
2013e
EURm
Sales
EBITDA
EBITDA margin
EBIT
EBIT margin
Net profit
EPS in €
7.5
vvdsvdvsdy
7.0
6.5
new
152.6
8.4
5.5%
1.1
0.7%
-3.4
-0.35
old
change
in (%)
156.1
13.5
11.2%
6.2
6.6%
3.3
0.35
-2.3%
-38.0%
-567 b p
-82.8%
-591
n.m.
n.m.
2014e
new
160.8
12.9
8.0%
5.6
3.5%
2.3
0.24
old
165.3
14.7
11.1%
7.4
6.8%
4.4
0.46
change
in (%)
-2.7%
-12.5%
-310 b p
-23.9%
-329
-47.7%
-47.9%
6.0
So urce: B erentzen, equinet B ank A G
5.5

5.0
4.5
4.0
Okt 12
Nov 12
Dez 12
Jan 13
Feb 13
Source: Factset
Mrz 13
BERENTZEN
Apr 13
Mai 13
Jun 13
Jul 13
Aug 13
Sep 13
Stoxx Food & Beverage (Rebased)
Shareholders: Aurelius AG 59%;
For company description please see summary table footnote
Produced by:
Distributed by the Members of ESN
(see last page of this report)
Okt 13
Valuation / Recommendation: DCF and peer group comparison indicate some
upside potential once the success of the growth strategy is becoming visible.
However, for the time being, we prefer to stay somewhat more conservative and
stick to our Hold recommendation and a TP of EUR 5.60 in the likely absence of
positive share price triggers in the remainder of 2013.
Analyst(s): Ingbert Faust, CEFA
Philipp Rigters
+49 69 58997 410 [email protected]
+49 69 58997 413 [email protected]
All ESN research is available on Bloomberg (“ESNR”),
Thomson-Reuters, Capital IQ, FactSet
Berentzen
CONTENTS
Investment Case........................................................................................ 3
Valuation .................................................................................................... 4
DCF valuation
4
Multiple comparison
5
Triggers & Swot Analysis ......................................................................... 6
Triggers & Drivers
6
SWOT Analysis
6
Company Profile........................................................................................ 7
Strategic outlook ....................................................................................... 8
Financials .................................................................................................. 8
Factors impacting the operating margin in H1 2013
8
Reduction in operating forecast
9
Cash Flow Analysis
9
ESN Recommendation System .............................................................. 23
Page 2
Berentzen
Investment Case
Update on the key fundamental factors for the company: In January 2013, we had argued
that Berentzen is stuck in the middle of its operating turnaround with 2012 having failed to
show signs of improvement in sales growth momentum. Today, we can state that this
situation is still unchanged. Of what, we reckoned, were the key fundamental factors
needed for a continued positive performance of Berentzen shares, only the third, external
factor has materialised:


Return to improving operating margins

Successful implementation of the growth strategy abroad

Stable stock market environment
Return to improving operating margins
Worsening product mix, continued growth in raw material prices and start-up costs abroad
were the main factors that prevented improving margins. Based on H1 reporting, 2013 is
unlikely to deliver better operating margins.

Successful implementation of the growth strategy abroad
So far, expansion into foreign markets failed to provoke the targeted improvement in sales
momentum in the group.

Stable stock market environment
Stock market environment remained rather fortunate so far in 2013. However, nervousness
amongst investors remains high and significant news from the macro side can potentially
play a more important role than company specifics.
In total, the two company specific factors that might trigger a positive share price
development have not yet materialised.
Sales, EBIT margin
EPS development
07%
06%
20,001
05%
15,001
04%
10,001
03%
02%
5,001
01%
1
00%
10
11
12
Sales
13e
14e
15e
01
01
01
00
00
00
00
00
-01
10
11
12
13e
14e
15e
EBIT margin
EPS Adj.
Page 3
Berentzen
Valuation
While the operating and market turnaround has still not materialised yet, we stay
positive as regards the mid-term margin potential of Berentzen. Based on our
expectations the DCF valuation indicates a certain upside in the shares which is
supported by the 2014e EV-multiples. Whereas the DCF model points in direction of a
fair price per share of around EUR 5.60, our peer group valuation indicates a discount
of 10% vs. the peers, based on FY ’14e EV/EBIT multiples.
DCF valuation
Following the recent operating disappointments, we have further lowered our long-term
operating margin assumption for Berentzen to 5% from a former 6%. This looks highly
conservative compared to the management’s mid-term target of 8%. However, we decided
to turn even more cautious on the mid-term operating outlook following the experience of
the recent two years and would like to see clear signs of operating margin improvement
before turning more optimistic again.
DCF Analysis
EUR m
Sales
2013
Phase I
2014
153
%yo y
EBIT
M argin
Tax
Tax rate
2015
2016
2017
2018
Phase II
2019
Phase III
2020
2021
2022
161
169
174
179
184
190
195
201
207
5.4%
4.8%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
10.4
1.1
5.6
7.6
8.7
8.9
9.2
9.5
9.8
10.1
0.7%
3.5%
4.5%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
(0.4)
0.2
0.2
(2.5)
(2.6)
(2.7)
(2.8)
(2.8)
(2.9)
(3.0)
29.0%
...
34.4%
-3.1%
-2.5%
29.0%
29.0%
29.0%
29.0%
29.0%
29.0%
Depreciation
7.3
7.2
7.2
5.2
5.4
5.5
5.7
5.9
6.0
6.2
% o f sales
4.8%
4.5%
4.2%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
(0.4)
(0.4)
(0.4)
0.6
0.6
0.6
0.6
0.7
0.7
0.7
-0.3%
-0.3%
-0.2%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
(6.0)
(6.3)
(6.6)
(5.5)
(5.6)
(5.8)
(6.0)
(6.2)
(6.3)
(6.5)
3.9%
3.9%
3.9%
3.2%
3.2%
3.2%
3.2%
3.2%
3.2%
3.2%
1.1
0.2
0.2
(0.5)
(0.5)
(0.5)
(0.6)
(0.6)
(0.6)
(0.6)
0.0%
-2.7%
-2.3%
10.0%
10.0%
10.0%
10.0%
10.0%
10.0%
10.0%
2.7
6.5
8.1
6.0
6.2
6.4
6.5
6.7
6.9
7.1
139.0%
23.7%
-26.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
2.0%
5.8
6.5
4.3
4.1
3.8
3.6
3.3
3.1
2.9
37.2
Provisions
% o f sales
Capital expenditure
% o f sales
WC
% o f annual change in sales
Free CF
Gro wth Free CF
Present value CF
2.7
Present value phase I
15
Risk free rate
4.50%
Equity ratio
Present value phase II
25
Risk prem ium
4.00%
Beta
Present value phase III
37
Tax rate
Total present value
77
Sensitivity
-4
Analysis
+ net cash and liquid assets
- adjustm ent for alcohol tax cash effect
Equity value
Num ber of shares (m )
Fair value per share
29.00%
91.0
90%
1.5
WACC
10.05%
Term inal grow th
2.0%
2.5%
3.0%
-20
9.6%
5.6
6.0
6.2
6.6
7.0
54
9.8%
5.5
5.7
6.0
6.3
6.6
10.1%
5.3
5.5
5.6
6.0
6.3
10.3%
5.1
5.3
5.5
5.8
6.0
10.6%
4.9
5.1
5.3
5.5
5.8
9.6
5.6
WACC
1.0%
1.5%
So urce: equinet B ank A G/ESN
Page 4
Berentzen
Multiple comparison
We explained already in our initiation of coverage that the peer group comparison is of
rather limited value in our view due to the following key reasons:

Lack of a direct peer group company domestically from an operational point of view

Substantial differences in market capitalisation

Strong operational differences between the three sub-segments shown in the peer
group table

Berentzen PE multiples impacted by low tax-rate

A substantial impact on Berentzen from spirits tax liabilities

Preference share category of Berentzen
In addition, the current depressed profitability of Berentzen in 2012 and also in 2013 further
reduces the informative value of the peer group comparison.
Peer group multiples
Price
Beverages and spirits producers and distributors
C&C GROUP
CAMPARI
COCA COLA HBC AG
DIAGEO
PERNOD-RICARD
4.3
6.4
21.3
23.5
88.5
Recommen
P/E
P/E
P/E
EV/EBIT EV/EBIT EV/EBIT EV/EBITDA EV/EBITDA EV/EBITDA
dation
(adj.) 12 (adj.) 13 (adj.) 14 (adj.) 12 (adj.) 13 (adj.) 14 (adj.) 12
(adj.) 13
(adj.) 14
Buy
Hold
Hold
not covered
Hold
Average
Wine and champaign producers and disctributors
BARON DE LEY
LANSON-BCC
LAURENT PERRIER
REMY COINTREAU
VRANKEN POMMERY MONOPOLE
61.9
32.4
68.8
72.7
23.9
Buy
Hold
Hold
Buy
Reduce
Average
Breweries
ANHEUSER-BUSCH INBEV
DUVEL
HEINEKEN
76.6
94.8
50.9
Hold
Suspended
Reduce
Average
BERENTZEN
Premium/(discount) to average beverages and spirits
Berentzen adjusted for spirit tax duty cash effect
Premium/(discount) to average beverages and spirits
4.90
Hold
17.6
20.0
12.2
18.1
21.7
18.0
17.4
15.7
13.9
17.8
17.5
13.7
21.8
25.1
18.3
17.3
9.9
12.6
16.4
15.7
14.4
13.2
12.6
15.2
15.6
11.3
14.6
18.4
15.7
14.4
13.7
14.4
9.3
13.0
10.9
14.1
13.3
8.2
11.3
9.3
14.1
13.3
18.2
19.2
17.5
15.1
14.9
13.8
13.5
12.1
11.2
12.2
9.4
17.8
30.9
27.6
16.4
11.2
17.9
22.9
18.1
13.6
9.5
16.5
19.1
14.9
8.0
16.7
16.2
19.7
24.1
11.8
17.2
15.7
15.7
23.4
8.3
15.7
14.8
13.8
21.7
4.8
14.7
14.5
18.4
19.3
6.9
15.1
14.1
14.6
18.2
6.0
14.0
13.2
12.8
17.0
19.6
17.3
14.7
16.9
16.8
14.8
14.3
13.8
12.6
19.0
22.3
17.2
22.2
20.9
16.5
14.9
12.2
15.6
14.3
12.1
9.7
8.3
13.6
15.9
14.7
13.4
11.2
18.5
19.5
20.3
10.1
9.5
18.4
13.1
16.1
14.6
10.0
11.9
10.8
nm
-
nm
-
20.4
17%
93.7
520%
97.1
543%
47.8
221%
51.3
245%
8.9
-35%
12.4
-10%
6.9
-49%
9.3
-31%
6.1
-50%
8.4
-30%
3.9
-65%
8.4
-38%
Source: Factset; ESN database
Page 5
Berentzen
Triggers & Swot Analysis
Triggers & Drivers
Berentzen should benefit from a return to positive sales momentum given the optimised cost
structure and production capacities well above current volumes. Growing sales should be
accompanied by very limited capital expenditure needs and below proportionate increases
in personnel costs. In addition, expansion of above average margin business abroad should
further support growth in operating profit going forward.
Apart from the positive operating outlook, Berentzen shares might be influenced by
takeover speculation given that concentration in the industry, we reckon, is likely to
continue.
Amongst the factors that weigh on the development of the group the limited size of the
company in particular compared to its core client base (retailers) for us is outstanding. This
is even more so given the continued trend towards private label business amongst the
distribution partners. The limited international diversification in sales is rather normal for a
company of that size and can also be seen as an opportunity going forward.
From a macro point of view, the trend towards lower priced products is a key concern. We
do not expect this to change dramatically given the uncertainties in the employment markets
and the high indebtedness of public authorities in Europe.
Mid-term, the risk of political changes like in particular the increase of the excise tax or a
ban on advertising for spirituous beverages has to be taken into consideration.
SWOT Analysis
STRENGTHS
WEAKNESSES
 Well-known brands on a national level
 Limited international expansion
 Financial restructuring far developed
 Limited size on international scale
 Limited capital expenditure needs
 Limited brand recognition abroad
OPPORTUNITIES
THREATS
 Growth
through
diversification
 Production capacities
current throughput
geographical
in
excess
of
 Rising raw material prices
 Adverse market conditions in selected
Eastern European countries
 Increasing competition from larger
players in attractive market segments
Page 6
Berentzen
Company Profile
In recent years, Berentzen has undergone a successful financial and operating
restructuring which allows the company to be more selective in terms of accepting
low margin orders. Going forward, key to success of the group will be if the
management succeeds in turning the company back into growth mode, a task at
which the former CEO has been working in the recent 3 years with only limited
success. Most important factors determining the success of the strategy, we reckon,
will be development and marketing of the main company brands Berentzen and
Puschkin by successful product launches as well as international diversification.
History: Berentzen was founded in 1758 as a distillery in Haselünne (North/western part of
Germany). In 1899, “Berentzen” was one of the first registered trade-marks in Germany. In
1958, production and distribution of non-alcoholic beverages was added to the activities of
Berentzen. In 1960, Berentzen started licence bottling and distribution of Pepsi-Cola
products. In 1976, Berentzen Apfelkorn (Berentzen Apple) was introduced to the market
and became the best known product in the group. In 1990 and 1992, Puschkin-Wodka and
Doornkaat were added to the brand portfolio. In 1994, Berentzen shares were publicly
placed. In 2005/06 a first restructuring program was carried through. 2008/09 saw the
second operational and financial restructuring of the group. In the recent two years,
management has started to tackle new markets such as USA and Turkey, a strategy which
initially causes start-up costs but promises to be the growth driver going forward.
Longer-term financial targets
The management’s long-term EBIT margin target is 8%. As regards the equity ratio, 25% is
seen as an appropriate level (28% at the end of June 2013). Foreign sales are planned to
grow to 50% of sales in the branded spirits division from a current level of around 18% in H1
2013. This would also lift foreign exposure of the group from the 16% seen in H1 2013.
Current Sales Business Split
Branded
spirituous
beverages;
34%
Other; 33%
Non-alcoholic
beverages;
33%
Current Sales Geographical Split
Outside
Germany; 16%
Germany; 84%
Source : Company data
Page 7
Berentzen
Strategic outlook
The restructuring program mentioned above was phase 1 of a three phase development
strategy for Berentzen:

Phase 1: Restructuring of the group

Phase 2: Revitalisation and repositioning of the core brands Berentzen and
Puschkin

Phase 3: Focus on growth opportunities of the group (including international
expansion and selective acquisitions)
Brand strategy:
Marketing and the strategy as regards the development of the core brands is an integral
part of the strategy of the Berentzen group. The management aims at focussing on the two
national brands Berentzen and Puschkin and will not put major efforts on developing
regional brands such as for example Doornkaat and Bommerlunder. Unlike in previous
years, the strategy will encompass homogeneous products for all markets and not allow for
individual product developments in single markets.
Geographical diversification
Berentzen currently generates only 16% of its business outside Germany. With German
consumer markets rather stable in the crisis this was an advantage in recent years. Going
forward, international growth will be one key pillar for the group. Currently, despite the low
contribution from sales abroad, Berentzen is active in around 40 countries. However, nearterm focus of the international expansion is the US, China and Turkey while ambitions in
Russia and India have been largely put on hold for the time being.
Client structure
For a beverages company with strong domestic focus of the size of Berentzen, dependency
on individual clients is comparably modest. In 2011, the top three clients accounted for
around one third of group turnover.
Financing of the growth - Bond placement
th
On 25 of September 2012 Berentzen placed a bond with a total volume of EUR 50m at an
interest of 6.5% p.a.. The proceeds of the bond are aimed to be invested in the international
growth strategy of the group. By now, only a small amount of the fresh liquidity has been
invested while more than EUR 40m are still available for expansion investments.
Financials
Factors impacting the operating margin in H1 2013
At a first glance, reported EBIT in H1 2013 significantly dropped from EUR 2.0m in H1 2012
to EUR 0.2m. Net profit fell from EUR 0.4m to a negative EUR 5.7m. However, a closer look
into the details reveals that the development was less negative on an adjusted basis. The
following adjustment factors should be taken into consideration:

Write-off on assets related to Pepsi licence
EUR 3.2m

Start-up costs of foreign activities
not quantified

New set-up of German sales team
not quantified

Higher interest costs due to the bond issue
EUR 1.5m
Page 8
Berentzen
The H2 2013 interim statement was pretty much painting the same picture s in H1 2013 with
a decent development in the domestic spirituous beverages as well as non-alcoholic
beverages businesses on the one hand and a 5% decline in the international spirituous
beverages business.
Reduction in operating forecast
We are reducing our sales growth forecast for 2013 and 2014 mainly based on a more
cautious assumption for sales growth of spirituous beverages in the domestic branded
business and also due to a somewhat delayed positive effect from the expansion abroad.
Additionally, as unchanged from our previous view, adverse effects from raw materials as
well as costs for the international expansion are likely to lead to lower operating margins
than we expected.
Forecast: New vs. old
2013e
EURm
new
Sales
EBITDA
EBITDA margin
EBIT
EBIT margin
Net profit
EPS in €
152.6
8.4
5.5%
1.1
0.7%
-3.4
-0.35
old
change
in (%)
156.1
13.5
11.2%
6.2
6.6%
3.3
0.35
-2.3%
-38.0%
-567 b p
-82.8%
-591
n.m.
n.m.
2014e
new
change
in (%)
old
160.8
12.9
8.0%
5.6
3.5%
2.3
0.24
165.3
14.7
11.1%
7.4
6.8%
4.4
0.46
-2.7%
-12.5%
-310 b p
-23.9%
-329
-47.7%
-47.9%
So urce: B erentzen, equinet B ank A G
Cash Flow Analysis
CFFO in 2010 and 2011 were positively impacted by the successful financial restructuring
measures. In 2012 those measures had run out and CFFO from the normal operating
business returned to a rather low level which we expect to only marginally improve in 2013
also due to the start-up investments abroad. However, assuming gradual success in the
foreign markets, CFFO should further improve in 2014 and 2015.
Breakdown of aggregate 5 yrs Free Cash Flow
Cash Flow Development
50
40
25
30
20
10
20
37.7
34.3
25.4
13.5
22.3
15
11.9
0
0.0
10
-12.0
-10
-27.6
5
-20
0
-30
10
-40
11
12
13e
14e
15e
-5
Net profit
Non cash Cash Flow Change in
items
Net
Working
Capital
Capex
Operating Dividends
free cash
flow
Capital
increase
Free cash
flow
-10
Cash Flow from Operations
Free Cash Flow
Source: Company data
Page 9
Berentzen
NOTES
Page 10
Berentzen
NOTES
Page 11
Berentzen
NOTES
Page 12
Berentzen
Berentzen: Summary tables
PROFIT & LOSS (EURm)
Sales
Cost of Sales & Operating Costs
Non Recurrent Expenses/Income
EBITDA
EBITDA (adj.)*
Depreciation
EBITA
EBITA (adj)*
Amortisations and Write Downs
EBIT
EBIT (adj.)*
Net Financial Interest
Other Financials
Associates
Other Non Recurrent Items
Earnings Before Tax (EBT)
Tax
Tax rate
Discontinued Operations
Minorities
Net Profit (reported)
Net Profit (adj.)
12/2010
159
-141
0.0
17.4
17.4
-7.2
10.2
10.2
0.0
10.2
10.2
-1.7
0.0
0.0
0.5
9.0
-0.4
4.9%
0.0
0.0
8.6
8.6
12/2011
146
-131
0.0
14.5
14.5
-7.0
7.5
7.5
0.0
7.5
7.5
-0.9
0.0
0.0
0.0
6.6
-0.4
6.1%
0.0
0.0
6.2
6.2
12/2012
148
-140
0.0
8.0
8.0
-7.4
0.6
0.6
0.0
0.6
0.6
-1.5
0.0
0.0
-0.6
-1.4
-0.2
n.m.
0.0
0.0
-1.7
-1.7
12/2013e
153
-144
0.0
8.4
8.4
-7.3
1.1
1.1
0.0
1.1
1.1
-4.1
0.0
0.0
0.0
-3.0
-0.4
n.m.
0.0
0.0
-3.4
-3.4
12/2014e
161
-148
0.0
12.9
12.9
-7.2
5.6
5.6
0.0
5.6
5.6
-3.5
0.0
0.0
0.0
2.1
0.2
n.m.
0.0
0.0
2.3
2.3
12/2015e
169
-154
0.0
14.7
14.7
-7.2
7.6
7.6
0.0
7.6
7.6
-3.0
0.0
0.0
0.0
4.6
0.2
n.m.
0.0
0.0
4.8
4.8
CASH FLOW (EURm)
Cash Flow from Operations before change in NWC
Change in Net Working Capital
Cash Flow from Operations
Capex
Net Financial Investments
Free Cash Flow
Dividends
Other (incl. Capital Increase & share buy backs)
Change in Net Debt
NOPLAT
12/2010
19.7
3.2
23.0
-4.3
-0.3
18.4
-1.9
1.2
17.7
7.1
12/2011
7.8
12.2
19.9
-6.9
-0.6
12.5
-0.6
3.2
15.1
5.2
12/2012
5.0
-4.3
0.7
-5.8
-0.4
-5.5
-8.4
0.5
-13.3
0.4
12/2013e
-0.6
1.1
0.5
-6.0
0.0
-5.5
-1.2
0.0
-6.6
0.7
12/2014e
5.6
0.2
5.8
-6.3
0.0
-0.5
1.6
0.0
1.1
3.9
12/2015e
8.5
0.2
8.7
-6.6
0.0
2.1
-1.3
0.0
0.8
5.3
BALANCE SHEET & OTHER ITEMS (EURm)
Net Tangible Assets
Net Intangible Assets (incl.Goodwill)
Net Financial Assets & Other
Total Fixed Assets
Inventories
Trade receivables
Other current assets
Cash (-)
Total Current Assets
Total Assets
Shareholders Equity
Minority
Total Equity
Long term interest bearing debt
Provisions
Other long term liabilities
Total Long Term Liabilities
Short term interest bearing debt
Trade payables
Other current liabilities
Total Current Liabilities
Total Liabilities and Shareholders' Equity
Net Capital Employed
Net Working Capital
12/2010
51.1
8.3
1.5
60.9
20.9
23.9
8.6
-13.4
66.8
128
58.4
0.0
58.4
3.1
10.7
23.3
37.2
0.0
33.0
-0.9
32.1
128
82.2
-10.6
12/2011
50.9
6.9
1.7
59.4
22.8
6.3
12.4
-25.6
67.0
126
63.9
0.0
63.9
0.2
10.5
-0.2
10.5
0.0
33.1
19.0
52.0
126
48.9
-22.8
12/2012
49.4
5.5
1.1
56.0
26.3
10.6
14.0
-61.2
112
168
53.9
0.0
53.9
49.2
9.6
-7.1
51.7
0.0
33.1
29.4
62.5
168
44.4
-18.5
12/2013e
48.1
5.5
1.1
54.7
26.9
11.1
21.5
-54.6
114
169
52.1
0.0
52.1
49.2
9.8
-3.1
55.9
0.0
35.3
25.4
60.7
169
53.4
-19.7
12/2014e
47.2
5.5
1.1
53.8
27.8
11.8
22.7
-55.7
118
172
53.1
0.0
53.1
49.2
10.0
0.2
59.4
0.0
37.2
22.1
59.3
172
56.8
-19.9
12/2015e
46.6
5.5
1.1
53.2
28.6
12.6
25.1
-56.5
123
176
55.3
0.0
55.3
49.2
10.2
-5.2
54.2
0.0
39.0
27.5
66.5
176
53.0
-20.1
GROWTH & MARGINS
Sales growth
EBITDA (adj.)* growth
EBITA (adj.)* growth
EBIT (adj)*growth
12/2010
-8.5%
15.1%
38.9%
38.9%
12/2011
-8.2%
-16.9%
-26.6%
-26.6%
12/2012
1.2%
-45.0%
-92.2%
-92.2%
12/2013e
3.3%
5.1%
82.6%
82.6%
12/2014e
5.4%
53.6%
427.0%
427.0%
12/2015e
4.8%
14.6%
34.7%
34.7%
Page 13
Berentzen
Berentzen: Summary tables
GROWTH & MARGINS
Net Profit growth
EPS adj. growth
DPS adj. growth
EBITDA (adj)* margin
EBITA (adj)* margin
EBIT (adj)* margin
12/2010
124.6%
124.6%
-66.7%
11.0%
6.4%
6.4%
12/2011
-28.2%
-28.2%
592.3%
9.9%
5.1%
5.1%
12/2012
n.m.
n.m.
-83.3%
5.4%
0.4%
0.4%
12/2013e
n.m.
n.m.
n.m.
5.5%
0.7%
0.7%
12/2014e
n.m.
n.m.
n.m.
8.0%
3.5%
3.5%
12/2015e
107.4%
107.4%
80.5%
8.7%
4.5%
4.5%
RATIOS
Net Debt/Equity
Net Debt/EBITDA
Interest cover (EBITDA/Fin.interest)
Capex/D&A
Capex/Sales
NWC/Sales
ROE (average)
ROCE (adj.)
WACC
ROCE (adj.)/WACC
12/2010
-0.2
-0.6
10.5
59.0%
2.7%
-6.7%
15.6%
14.7%
10.1%
1.5
12/2011
-0.4
-1.8
15.7
98.0%
4.7%
-15.6%
10.1%
15.0%
10.1%
1.5
12/2012
-0.2
-1.5
5.5
78.4%
3.9%
-12.6%
-2.8%
1.1%
10.1%
0.1
12/2013e
-0.1
-0.6
2.0
81.8%
3.9%
-12.9%
-6.4%
2.2%
10.1%
0.2
12/2014e
-0.1
-0.5
3.7
87.1%
3.9%
-12.4%
4.4%
12.0%
10.1%
1.2
12/2015e
-0.1
-0.5
4.9
92.2%
3.9%
-11.9%
8.8%
16.6%
10.1%
1.6
PER SHARE DATA (EUR)***
Average diluted number of shares
EPS (reported)
EPS (adj.)
BVPS
DPS
12/2010
9.6
0.89
0.89
6.08
0.13
12/2011
9.6
0.64
0.64
6.66
0.90
12/2012
9.6
-0.17
-0.17
5.62
0.15
12/2013e
9.6
-0.35
-0.35
5.42
-0.14
12/2014e
9.6
0.24
0.24
5.53
0.16
12/2015e
9.6
0.50
0.50
5.76
0.29
VALUATION
EV/Sales
EV/EBITDA
EV/EBITDA (adj.)*
EV/EBITA
EV/EBITA (adj.)*
EV/EBIT
EV/EBIT (adj.)*
P/E (adj.)
P/BV
Total Yield Ratio
EV/CE
OpFCF yield
OpFCF/EV
Payout ratio
Dividend yield (gross)
12/2010
0.3
2.9
2.9
5.0
5.0
5.0
5.0
6.0
0.9
1.2%
1.0
36.6%
36.7%
14.5%
2.4%
12/2011
0.2
1.7
1.7
3.4
3.4
3.4
3.4
6.6
0.6
20.4%
0.7
32.0%
51.9%
140%
21.1%
12/2012
0.4
6.9
6.9
93.7
93.7
93.7
93.7
n.m.
1.1
2.5%
1.5
-8.8%
-9.2%
-86.9%
3.1%
12/2013e
0.3
6.0
6.0
46.9
46.9
46.9
46.9
n.m.
0.9
-3.4%
1.5
-11.9%
-10.9%
38.7%
-2.9%
12/2014e
0.3
3.8
3.8
8.7
8.7
8.7
8.7
20.0
0.9
2.8%
1.5
-1.0%
-0.9%
66.7%
3.3%
12/2015e
0.3
3.3
3.3
6.4
6.4
6.4
6.4
9.7
0.8
EV AND MKT CAP (EURm)
Price** (EUR)
Outstanding number of shares for main stock
Total Market Cap
Net Debt
o/w Cash & Marketable Securities (-)
o/w Gross Debt (+)
Other EV components
Enterprise Value (EV adj.)
Source: Company, Equinet Bank estimates.
12/2010
5.33
9.6
51
-10
-13
3
10
51
12/2011
4.27
9.6
41
-25
-26
0
10
25
12/2012
6.00
9.6
58
-12
-61
49
9
55
12/2013e
4.80
9.6
46
-5
-55
49
9
50
12/2014e
4.80
9.6
46
-6
-56
49
10
49
12/2015e
4.80
9.6
46
-7
-57
49
10
49
1.5
4.5%
4.3%
58.0%
6.0%
Notes
* Where EBITDA (adj.) or EBITA (adj)= EBITDA (or EBITA) -/+ Non Recurrent Expenses/Income and where EBIT (adj)= EBIT-/+ Non Recurrent Expenses/Income - PPA amortisation
**Price (in local currency): Fiscal year end price for Historical Years and Current Price for current and forecasted years
Sector: Food & Beverage/Spirits & Wine
Company Description: Berentzen, which went public in 1994, was founded in 1758 as a distillery and today owns some of the best known
German spirits brands with foreign sales in around 40 countries. Production and distribution of non-alcoholic beverages and licence
bottling also form part of today's activities.
Page 14
Berentzen
Recommendations and Disclosures
Coverage
Analyst
2G ENERGY
Freudenreich
4SC
Miemiet z
Aareal Bank
Adler Modemaerkt e
Target
Rating
Disc.
34.50
Buy
2/ 3
3.60
Buy
7
Häßler
21.00
Hold
Rigt ers / Faust
11.60
Buy
3/ 5
Ad pepper
Rigt ers / Pehl
1.50
Buy
2/ 3
adidas
Faust / Rigt ers
85.00
Accumulat e
Advanced Vision Technology
Schmidt
7.00
Buy
Aixt ron
Pehl
7.00
Sell
Allianz
Häßler
120.00
Hold
Analyt ik Jena
Demidova
14.00
Hold
BASF
Demidova
78.00
Hold
BAUER AG
Schmidt
16.50
Reduce
Bayer
Miemiet z
94.00
Accumulat e
BayWa
Schäf er
45.00
Buy
BB Biot ech
Miemiet z
121.00
Buy
Beiersdorf
Demidova
56.00
Sell
Berent zen
Faust / Rigt ers
5.60
Hold
2/ 3
Bet a Syst ems Sof t ware
Schuldt
2.60
Buy
2/ 3/ 5
BILFINGER SE
Faust
100.00
Buy
Biot est
Miemiet z
70.00
Buy
BMW
Schuldt
83.00
Celesio
Lieder
23.00
Cenit
Pehl
12.00
Buy
comdirect
Häßler
8.00
Hold
Commerzbank
Häßler
10.00
Hold
Cont inent al
Schuldt
105.00
Reduce
Daimler AG
Schuldt
55.00
Reduce
Daldrup & Soehne
Schäf er
15.00
Accumulat e
Deut sche Bank
Häßler
34.00
Hold
Deut sche Biogas
Schäf er
6.00
Buy
Deut sche Boerse
Häßler
48.00
Deut sche EuroShop
Rot henbacher
32.00
Deut sche Forf ait
Häßler
6.40
Buy
Deut sche Post
Rot henbacher
24.00
Hold
Deut sche Telekom
Pehl
12.25
Hold
Deut z AG
Schmidt
8.20
Accumulat e
DMG MORI SEIKI AG
Schmidt
26.00
Accumulat e
Douglas Holding
Faust / Rigt ers
Dragerwerk
Lieder
Drillisch
Pehl
E.ON
Schäf er
14.00
Hold
ElringKlinger
Schuldt
20.00
Reduce
Epigenomics AG
Miemiet z
4.00
Buy
Euromicron AG
Pehl
24.00
Buy
Fielmann
Lieder
84.00
Accumulat e
Fraport
Rot henbacher
61.00
Accumulat e
Freenet
Pehl
21.00
Accumulat e
Fresenius
Lieder
104.00
Fresenius Medical Care
Lieder
55.00
Fuchs Pet rolub
Demidova
52.00
Reduce
GEA Group
Schmidt
38.00
Accumulat e
Gerresheimer AG
Lieder
45.00
Hold
GERRY WEBER
Rigt ers / Faust
34.00
Accumulat e
Gesco
Schmidt
80.00
Accumulat e
2/ 3
GFT Technologies
Schuldt
5.70
Buy
2/ 3
Gigaset
Rigt ers / Pehl
1.00
Hold
2/ 3/ 5
Grenkeleasing AG
Häßler
50.00
Sell
Hannover Re
Häßler
70.00
Buy
Heidelberger Druck
Schmidt
2.40
Buy
Henkel
Demidova
62.00
Sell
HHLA
Rot henbacher
18.00
Hold
Hocht ief
Faust
69.00
Buy
Hugo Boss
Faust / Rigt ers
88.00
Hold
i:FAO AG
Rot henbacher
16.50
Buy
2/ 3
Joyou AG
Lieder
22.20
Buy
2
IVG Immobilien AG
Rot henbacher
0.05
Sell
K+S AG
Schäf er
47.00
Buy
Coverage
Analyst
Target
Rating Disc.
KHD HUMBOLDT WEDAG INTERNATIONAL
Schmidt / Schuldt
7.60
Buy
Kont ron
Pehl
5.00
Hold
Krones AG
Schmidt
66.00
Hold
KTG Agrar
Schäf er
16.00
Accumulat e
KUKA
Schmidt
38.00
Hold
LANXESS
Demidova
52.00
Hold
Leoni
Schuldt
50.00
Buy
Linde
Demidova
160.00
Accumulat e
Loewe
Faust / Rigt ers
Suspended
Suspended
2/ 5
Logwin
Rot henbacher
1.60
Buy
2/ 3/ 5
Luf t hansa
Rot henbacher
15.00
Hold
MAN
Schuldt
85.00
Hold
MAX Aut omat ion AG
Schmidt
7.00
Buy
5
Medion
Faust / Rigt ers
13.00
Hold
7
Merck
Miemiet z
133.00
Accumulat e
MIFA
Rigt ers / Faust
9.30
Buy
2/ 3/ 4/ 5
MLP
Häßler
6.80
Buy
2/ 3
Mobot ix AG
Pehl
19.00
Accumulat e
2/ 3
MTU
Pehl
78.00
Accumulat e
2
Munich Re
Häßler
150.00
Hold
Hold
Nanogat e AG
Demidova
29.00
Buy
Hold
PATRIZIA AG
Häßler
9.10
Buy
Pf eif f er Vacuum
Pehl
Phoenix Solar
Freudenreich
Porsche
Schuldt
64.00
Hold
Post bank
Häßler
32.00
Accumulat e
PSI
Schäf er
Puma
Faust / Rigt ers
Rheinmet all
Rhoen-Klinikum
Sell
RIB Sof t ware
Rot henbacher
Hold
RWE
Schäf er
SAF-HOLLAND
Salzgit t er
Seven Principles AG
Singulus Technologies
2/ 3
7
2/ 3/ 5
2/ 3
2/ 3/ 5
2/ 3/ 5
2/ 3/ 4/ 5
77.00
Reduce
Suspended
Suspended
12.00
Hold
200.00
Reduce
Pehl
45.00
Hold
Lieder
23.60
Buy
2/ 3/ 5
2/ 3
2/ 3/ 5
2/ 3
8.00
Buy
25.00
Hold
2/ 3
Schuldt
13.00
Buy
Freudenreich
36.00
Buy
Pehl
5.50
Buy
2/ 3/ 5
Freudenreich
1.95
Buy
4/ 5
SKW St ahl
Freudenreich
23.00
Buy
7
38.00
Hold
SMA Solar Technology
Freudenreich
19.00
Sell
100.00
Hold
SMT SCHARF AG
Schmidt
22.00
Hold
22.00
Accumulat e
SolarWorld
Freudenreich
0.05
Sell
Suess MicroTec
Pehl
11.00
Buy
2/ 3
SURTECO
Lieder
23.50
Buy
2/ 3
2/ 3/ 5
Symrise AG
Demidova
26.00
Sell
2/ 3/ 5
Talanx Group
Häßler
27.00
Accumulat e
ThyssenKrupp
Freudenreich
18.00
Hold
TUI
Rot henbacher
12.00
Buy
Unit ed Int ernet
Pehl
26.50
Hold
Accumulat e
Uzin Ut z
Faust / Lieder
26.00
Buy
2/ 3
Accumulat e
VBH Holding
Faust
2.80
Hold
2/ 3
VIB Vermoegen
Rot henbacher
13.00
Buy
Volkswagen
Schuldt
205.00
Buy
Vossloh
Schmidt
66.00
Reduce
Wacker Chemie
Freudenreich
58.00
Sell
Wilex
Miemiet z
Wincor Nixdorf
Pehl
2
2/ 3
3.00
Buy
2/ 3
50.00
Hold
2
Source: equinet Recommendat ions
Page 15
Berentzen
Notice according to § 34 b (German) Securities Trading Act (“Wertpapierhandelsgesetz”)
This document is issued by Equinet Bank AG (“Equinet Bank”). It has been prepared by its authors independently of the Company, and none of Equinet Bank, the
Company or its shareholders has independently verified any of the information given in this document.
Equinet Bank possesses relations to the covered companies as detailed in the table on the previous page. Additional information and disclosures will be made
available upon request and/or can be looked up on our website http://www.Equinet Bank-ag.de
1 - Equinet Bank and/or its affiliate(s) hold(s) more than 5% of the share capital of this company calculated under computational methods required by German law.
2 - Equinet Bank acts as a designated sponsor for this company, including the provision of bid and ask offers. Therefore, we regularly possess shares of the
company in our proprietary trading books. Equinet Bank receives a commission from the company for the provision of the designated sponsor services.
3 – The designated sponsor services include a contractually agreed provision of research services.
4 – Within the last twelve months, Equinet Bank was involved as a lead or co-lead manager in the public offering of securities which are/whose issuer is the subject
of this report.
5 – Within the last twelve months, Equinet Bank and/or its affiliate(s) provided investment banking- and/or other consultancy services for this company and/or it’s
shareholders.
6 - Equinet Bank and/or its affiliate(s) has/have other substantial financial interests in relation to this issuer.
7 – Equinet Bank has entered into an agreement with this company about the preparation of research reports and – in return - receives a compensation.
Companies of the Equinet Bank group and/or its directors, officers and employees or clients may take positions in, and may make purchases and/or sales as
principal or agent in the securities or related financial instruments discussed in our reports. The Equinet Bank group may provide investment banking and other
services to and/or serve as directors of the companies referred to in our reports.
In compliance with Para 5 Sec. 4 of the Ordinance on the Analysis of Financial Instruments (FinAnV) Equinet Bank has realized additional internal and
organizational measures, such as specific research guidelines, to prevent or manage conflicts of interest.
Neither the company nor its employees are allowed to receive donations from third parties with a special interest in the content of the analysis.
The salary of the research analysts of Equinet Bank AG does not depend on the investment banking transactions of the company. Nevertheless, this does not rule
out the payment of a bonus which depends on the overall financial performance of the bank.
Particular care is taken that the individual performance of each research analyst of Equinet Bank AG is not being assessed by a manager of another business
division with similar or same interests.
To assure a highest degree of transparency Equinet Bank AG regularly provides - on a quarterly basis – a summary according to Para 5 Sec. 4 No. 3 of the
Ordinance on the Analysis of Financial Instruments (FinAnV). It informs about the overall analysts recommendations and sets them in a relationship to those
companies, for which Equinet Bank provided investment banking services within the last twelve months. This summary is published via our website
http://www.Equinet Bank-ag.de.
Furthermore, we refer to our conflict of interest policy as well as the German Securities Trading Act (WpHG) and the Ordinance on the Analysis of Financial
Instruments (FinAnV) provided in the download area of our website http://www.Equinet Bank-ag.de.
Remarks
Recommendation System
Buy - The stock is expected to generate a total return of over 20% during the next 12 months time horizon.
Accumulate - The stock is expected to generate a total return of 10% to 20% during the next 12 months time horizon.
Hold - The stock is expected to generate a total return of 0% to 10% during the next 12 months time horizon
Reduce - The stock is expected to generate a total return of 0 to -10% during the next 12 months time horizon
Sell - The stock is expected to generate a total return below -10% during the next 12 months time horizon
Basis of Valuation
Equinet Bank uses for valuation purposes primarily DCF-Valuations and Sum-Of-The-Parts-Valuations as well as peer group comparisons.
Share prices
Share prices in this analysis are the German closing prices of the last trading day before the publication.
Sources
Equinet Bank has made any effort to carefully research all information contained in the analysis. The information on which the analysis is based has been obtained
from sources which we believe to be reliable such as, for example, Reuters, Bloomberg and the relevant press as well as the company which is the subject of the
analysis. Only that part of the research note is made available to the issuer, who is the subject of the analysis, which is necessary to properly reconcile with the
facts. Should this result in considerable changes a reference is made in the research note.
Actualizations
Opinions expressed in this analysis are our current opinions as of the issuing date indicated on this document. We do not commit ourselves in advance to whether
and in which intervals updates are made.
Page 16
Berentzen
DISCLAIMER
THE PREPARATION OF THIS DOCUMENT IS SUBJECT TO REGULATION BY GERMAN LAW. THIS DOCUMENT IS BEING SUPPLIED
TO YOU SOLELY IN YOUR CAPACITY AS A PROFESSIONAL INSTITUTIONAL INVESTOR FOR YOUR INFORMATION AND MAY NOT BE
REPRODUCED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR
ANY PURPOSE. NEITHER THIS DOCUMENT NOR ANY COPY OF IT MAY BE TAKEN OR TRANSMITTED INTO AUSTRALIA, CANADA
OR JAPAN OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA OR JAPAN OR TO ANY RESIDENT THEREOF.
THE DELIVERY OF THIS RESEARCH REPORT TO U.S. PERSONS IN THE UNITED STATES OF AMERICA IS MADE BY AND UNDER
THE RESPONSIBILITY OF ESN NA, INC. (REGISTERED WITH THE SEC). THIS RESEARCH REPORT IS ONLY INTENDED FOR
PERSONS WHO QUALIFY AS MAJOR U.S. INSTITUTIONAL INVESTORS, AS DEFINED IN SECURITIES EXCHANGE ACT RULE 15A-6,
AND DEAL WITH ESN NA, INC. HOWEVER, THE DELIVERY OF THIS RESEARCH REPORT OR SUMMARY TO ANY U.S. PERSON
SHALL NOT BE DEEMED A RECOMMENDATION OF ESN NA, INC. TO EFFECT ANY TRANSACTIONS IN THE SECURITIES DISCUSSED
HEREIN OR AN ENDORSEMENT OF ANYOPINION EXPRESSED HEREIN. ESN NA, INC. MAY FURNISH UPON REQUEST ALL
INVESTMENT INFORMATION AVAILABLE TO IT SUPPORTING ANY RECOMMENDATIONS MADE IN THIS RESEARCH REPORT. ALL
TRADES WITH U.S. RECIPIENTS OF THIS RESEARCH SHALL BE EXECUTED THROUGH ESN NA, INC.
THIS DOCUMENT IS FOR DISTRIBUTION IN THE U.K. ONLY TO PERSONS WHO HAVE PROFESSSIONAL EXPERIENCE IN MATTERS
RELATING TO INVESTMENTS AND FALL WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL
PROMOTION) ORDER 2005 (THE “ORDER”) OR (ii) ARE PERSONS FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER,
NAMELY HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS ETC (ALL SUCH PERSONS TOGETHER BEING
REFERRED TO AS “RELEVANT PERSONS”). THIS DOCUMENT MUST NOT BE ACTED ON OR RELIED UPON BY PERSONS WHO ARE
NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS DOCUMENT RELATES IS AVAILABLE
ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.
THE DISTRIBUTION OF THIS DOCUMENT IN OTHER JURISDICTIONS OR TO RESIDENTS OF OTHER JURISDICTIONS MAY ALSO BE
RESTRICTED BY LAW, AND PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES SHOULD INFORM THEMSELVES
ABOUT, AND OBSERVE, ANY SUCH RESTRICTIONS. BY ACCEPTING THIS REPORT YOU AGREE TO BE BOUND BY THE
FOREGOING INSTRUCTIONS. YOU SHALL INDEMNIFY EQUINET BANK AGAINST ANY DAMAGES, CLAIMS, LOSSES, AND
DETRIMENTS RESULTING FROM OR IN CONNECTION WITH THE UNAUTHORIZED USE OF THIS DOCUMENT.
This report is for informational purposes only and has no regard to the specific investment objectives, financial situation or particular needs of
any specific recipient. This publication is intended to provide information to assist institutional investors in making their own investment
decisions, not to provide investment advice to any specific investor. Therefore, investments discussed and recommendations made herein may
not be suitable for all investors: readers must exercise their own inde-pendent judgment as to the suitability of such investments and
recommendations in the light of their own investment objectives, experience, taxation status and financial position.
The information herein is believed by Equinet Bank to be reliable and has been obtained from sources believed to be reliable, but Equinet Bank
makes no representation as to the accuracy or completeness of such information. The information given in this report is subject to change
without notice; it may be incomplete or condensed and it may not contain all material information concerning the Company. Opinions
expressed herein may differ or be contrary to opinions expressed by other business areas of the Equinet Bank group as a result of using
different assumptions and criteria. Equinet Bank is under no obligation to update or keep the information current. Equinet Bank provides data
concerning the future development of securities in the context of its usual research activity. However, if a financial instrument is denominated in
a currency other than an investor’s currency, a change in exchange rates may adversely affect the price or value of, or the income derived
from, the financial instrument, and such investor effectively assumes currency risk. In addition, income from an investment may fluctuate and
the price or value of financial instruments de-scribed in this report, either directly or indirectly, may rise or fall. Furthermore, past performance is
not necessarily indicative of future results. Neither the author nor Equinet Bank accepts any liability whatsoever for any loss howsoever arising
from any use of this publication or its contents or otherwise arising in connection herewith, except as provided for under applicable regulations.
Equinet Bank shall only be liable for any damages intentionally caused or which result from any gross negligence of Equinet Bank. Further
Equinet Bank shall be liable for the breach of a material obligation of Equinet Bank, however, limited to the amount of the typical foreseeable
which shall in no event exceed the amount of EUR 10,000. German law shall be applicable and court of jurisdiction for all disputes shall be
Frankfurt/Main (Germany).
Competent Supervisory Authority:
Bundesanstalt für Finanzdienstleistungsaufsicht
-BaFin- (Federal Financial Supervisory Authority)
Graurheindorfer Straße 108, 53117 Bonn and
Lurgialle 12, 60439 Frankfurt am Main.
Page 17
Berentzen
Recommendation history for BERENTZEN
Date
05. Nov 13
14. Jan 13
16. Jan 12
01. Sep 11
Recommendation
Hold
Hold
Buy
Buy
Target price
5.60
6.50
6.00
7.00
Price at change date
4.90
6.25
4.40
4.60
Source: Factset & ESN, price data adjusted for stock splits.
This chart shows Equinet Bank continuing coverage of this stock; the current analyst may or may not have covered it over the entire period. Current analyst:
Ingbert Faust, CEFA (since 09/07/2010)
7.0
6.5
6.0
5.5
5.0
4.5
4.0
3.5
Nov Dez Jan Feb Mrz Apr Mai
12
12
13
13 13
13
13
Price history
Buy
Accumulat
Jun
13
Jul
13
Aug Sep Okt Nov Dez
13
13
13
13
13
Target price history
Hold
Reduce
Sell
Not rated
Page 18
Berentzen
European Coverage of the Members of ESN
A ero space & D efense
IBG
Upm-Kymmene
Aviation Latecoere
CIC
Bankinter
BBO
B io techno lo gy
BDG
Nutreco
SNS
BAK
Olvi
POH
Bae Systems Plc
CIC
Bbva
BBO
4Sc Ag
EQB
Dassault Aviation
CIC
Bcp
CBI
Bioalliance Pharma
CIC
Banca Generali
BAK
Parmalat
BAK
Banca Ifis
BAK
Pernod-Ricard
Eads
CIC
Bes
CBI
Epigenomics Ag
CIC
EQB
Bb Biotech
EQB
Pinguin
BDG
Finmeccanica
BAK
Bnp Paribas
CIC
Lisi
CIC
Boursorama
CIC
M etabolic Explorer
CIC
Binckbank
SNS
Raisio
POH
Neovacs
CIC
Bois Sauvage
BDG
Remy Cointreau
M tu
EQB
Bper
CIC
BAK
Transgene
CIC
Bolsas Y M ercados Espanoles Sa BBO
Sipef
BDG
Rheinmetall
EQB
Rolls Royce
CIC
Bpi
CBI
Wilex
EQB
Capman
POH
Ter Beke
BDG
Commerzbank
EQB
Zeltia
BBO
Cir
BAK
Unilever
Safran
SNS
CIC
Credem
BAK
C hemicals
EQB
Vidrala
BBO
Thales
CIC
Credit Agricole Sa
CIC
Air Liquide
CIC
Corp. Financiera Alba
BBO
Vilmorin
CIC
Zodiac
CIC
Creval
BAK
Akzo Nobel
SNS
Dab Bank
EQB
Viscofan
BBO
M em(*) Deutsche Bank
A irlines
M em(*) Bank Of Cyprus
POH
Ackermans & Van Haaren
M em(*) Azimut
M em(*) Comdirect
EQB
Basf
EQB
Deutsche Boerse
EQB
Vranken Pommery M onopole
CIC
Air France Klm
CIC
Dexia
BDG
Dsm
SNS
Deutsche Forfait
EQB
Wessanen
SNS
Finnair
POH
Efg Eurobank Ergasias
IBG
Floridienne
BDG
Financiere De Tubize
BDG
F o o d & D rug R etailers
Lufthansa
EQB
Garanti Bank
IBG
Fuchs Petrolub
EQB
Gbl
BDG
Ahold
SNS
IBG
Henkel
EQB
Gimv
BDG
Bim
IBG
CIC
A uto mo biles & P arts
M em(*) Halkbank
M em(*)
Autoliv
CIC
Ing Group
SNS
Holland Colours
SNS
Grenkeleasing Ag
EQB
Carrefour
Bmw
EQB
Intesa Sanpaolo
BAK
K+S Ag
EQB
Hellenic Exchanges
IBG
Casino Guichard-Perrachon
CIC
Brembo
BAK
Kbc Group
BDG
Kemira
POH
Kbc Ancora
BDG
Colruyt
BDG
Continental
EQB
M ediobanca
BAK
Lanxess
EQB
Luxempart
BDG
Delhaize
BDG
Daimler Ag
EQB
National Bank Of Greece
IBG
Linde
EQB
M lp
EQB
Dia
BBO
Elringklinger
EQB
Natixis
CIC
Nanogate Ag
EQB
Patrizia Ag
EQB
Jeronimo M artins
Faurecia
CIC
Nordea
POH
Recticel
BDG
F o o d & B everage
Fiat
BAK
Piraeus Bank
IBG
Solvay
BDG
Acomo
SNS
M arr
Landi Renzo
BAK
Postbank
EQB
Symrise Ag
EQB
Anheuser-Busch Inbev
BDG
Rallye
CIC
Leoni
EQB
Societe Generale
CIC
Tessenderlo
BDG
Atria
POH
Sligro
SNS
M ichelin
CIC
Ubi Banca
BAK
Tikkurila
POH
Baron De Ley
BBO
Sonae
CBI
Nokian Tyres
POH
Unicredit
BAK
Umicore
BDG
Baywa
EQB
Piaggio
BAK
Yapi Kredi Bank
IBG
Wacker Chemie
EQB
Berentzen
EQB
Pirelli & C.
BAK
B asic R eso urces
Plastic Omnium
CIC
Acerinox
Plastivaloire
CIC
Porsche
EQB
Psa Peugeot Citroen
M em(*) Electro nic & Electrical Equipment
M em(*) Bonduelle
M em(*) Kesko
Agfa-Gevaert
BDG
Campari
BAK
Altri
CBI
Alstom
CIC
Campofrio
BBO
Arcelormittal
BBO
Areva
CIC
Coca Cola Hbc Ag
IBG
CIC
Crown Van Gelder
SNS
Barco
BDG
Csm
SNS
Renault
CIC
Ence
BBO
Euromicron Ag
EQB
Danone
CIC
Sogefi
BAK
Europac
BBO
Evs
BDG
De M aster Blenders 1753
SNS
Stern Groep
SNS
Inapa
CBI
Gemalto
CIC
Ebro Foods
BBO
Valeo
CIC
M etka
IBG
Ingenico
CIC
Enervit
BAK
Volkswagen
EQB
M etsä Board
POH
Kontron
EQB
Fleury M ichon
CIC
IBG
Lacie
CIC
Forfarmers
SNS
M em(*) M ytilineos
Aareal Bank
EQB
Nyrstar
BDG
Legrand
CIC
Heineken
SNS
Akbank
IBG
Outokumpu
POH
M obotix Ag
EQB
Hkscan
POH
Aktia
POH
Portucel
CBI
Neways Electronics
SNS
Ktg Agrar
EQB
Alpha Bank
IBG
Rautaruukki
POH
Nexans
CIC
Lanson-Bcc
CIC
Banca Carige
BAK
Salzgitter
EQB
Pkc Group
POH
Laurent Perrier
CIC
Banca M ps
BAK
Semapa
CBI
Rexel
CIC
Ldc
CIC
Banco Popolare
BAK
Stora Enso
POH
Schneider Electric Sa
CIC
Lotus Bakeries
BDG
Banco Popular
BBO
Talvivaara M ining Co Plc
POH
Vacon
POH
Natra
BBO
Banco Sabadell
BBO
Thyssenkrupp
EQB
Vaisala
POH
Naturex
Banco Santander
BBO
Tubacex
BBO
F inancial Services
M em(*) Nestle
BAK
CIC
BBO
B anks
CBI
POH
CIC
SNS
Page 19
Berentzen
General Industrials
BBO
Cargotec Corp
POH
Norbert Dentressangle
CIC
M aire Tecnimont
Aalberts
SNS
Fresenius
EQB
Cfao
CIC
Postnl
SNS
M ota Engil
CBI
Accell Group
SNS
Fresenius M edical Care
EQB
Danieli
BAK
Tnt Express
SNS
Obrascon Huarte Lain
BBO
Advanced Vision Technology
EQB
Gerresheimer Ag
EQB
Datalogic
BAK
Insurance
Ahlstrom
POH
Grifols Sa
BBO
Delclima
BAK
Aegon
SNS
Royal Bam Group
SNS
Analytik Jena
EQB
Korian
CIC
Deutz Ag
EQB
Ageas
BDG
Sacyr Vallehermoso
BBO
Arcadis
SNS
Laboratorios Rovi
BBO
Duro Felguera
BBO
Allianz
EQB
Saint Gobain
CIC
Aspo
POH
M edica
CIC
Emak
BAK
Axa
CIC
Sias
BAK
Azkoyen
BBO
M erck
EQB
Exel Composites
POH
Delta Lloyd
SNS
Sonae Industria
CBI
Bekaert
BDG
Natraceutical Sa
BBO
Exel Industries
CIC
Fondiaria Sai
BAK
Srv
POH
Evolis
CIC
Novartis
CIC
Faiveley
CIC
Generali
BAK
Thermador Groupe
CIC
Frigoglass
IBG
Oriola-Kd
POH
Fiat Industrial
BAK
Hannover Re
EQB
Titan Cement
IBG
Huhtamäki
POH
Orion
POH
Gea Group
EQB
M apfre Sa
BBO
Trevi
BAK
Kendrion
SNS
Orpea
CIC
Gesco
EQB
M ediolanum
BAK
Uponor
POH
M artifer Sgps Sa
CBI
Recordati
BAK
Gildemeister
EQB
M ilano Assicurazioni
BAK
Uzin Utz
EQB
M ifa
EQB
Rhoen-Klinikum
EQB
Haulotte Group
CIC
M unich Re
EQB
Vbh Holding
EQB
Nedap
SNS
Roche
CIC
Heidelberger Druck
EQB
Sampo
POH
Vicat
CIC
Neopost
CIC
Sanofi
CIC
Ima
BAK
Talanx Group
EQB
Vinci
CIC
Pöyry
POH
Sorin
BAK
Interpump
BAK
Unipol
BAK
Yit
POH
Prelios
BAK
Stallergènes
CIC
Khd Humboldt Wedag InternationalEQB
Zurich Financial Services
BAK
Resilux
BDG
Ucb
BDG
Kone
POH
M aterials, C o nstructio n & MInfrastructure
em(*)
Saf-Holland
EQB
H o tels, T ravel & T o urism M em(*) Konecranes
POH
Abertis
BBO
Saft
CIC
Accor
CIC
Krones Ag
EQB
Acs
BBO
Skw Stahl
EQB
Autogrill
BAK
Kuka
EQB
Adp
CIC
Tessi
CIC
Beneteau
CIC
M an
EQB
Astaldi
BAK
Tkh Group
SNS
Compagnie Des Alpes
CIC
M anitou
CIC
Atlantia
BAK
Wendel
CIC
Groupe Partouche
CIC
M ax Automation Ag
EQB
Ballast Nedam
SNS
BAK
M etso
POH
Bilfinger Se
EQB
General R etailers
M em(*) Faes Farma
M em(*) Gtech
M em(*) Ramirent
Beter Bed Holding
SNS
I Grandi Viaggi
BAK
Outotec
POH
Boskalis Westminster
SNS
D'Ieteren
BDG
Ibersol
CBI
Pfeiffer Vacuum
EQB
Buzzi Unicem
BAK
Douglas Holding
EQB
Intralot
IBG
Ponsse
POH
Caverion
POH
Fielmann
EQB
M elia Hotels International
BBO
Prima Industrie
BAK
Cfe
BDG
Folli Follie Group
IBG
Nh Hoteles
BBO
Prysmian
BAK
Ciments Français
CIC
Fourlis Holdings
IBG
Opap
IBG
Reesink
SNS
Cramo
POH
Inditex
BBO
Sodexo
CIC
Sabaf
BAK
Deceuninck
BDG
Jacquet M etal Service
CIC
Sonae Capital
CBI
Schuler Ag
EQB
Eiffage
CIC
Jumbo
IBG
Trigano
CIC
Singulus Technologies
EQB
Ellaktor
IBG
M acintosh
SNS
Tui
EQB
Smt Scharf Ag
EQB
Ezentis
BBO
Rapala
POH
H o useho ld Go o ds
Stockmann
POH
Bic
H ealthcare
M em(*) De Longhi
M em(*) Ten Cate
SNS
Fcc
BBO
CIC
Trilogiq
CIC
Ferrovial
BBO
BAK
Vossloh
EQB
Fraport
EQB
Ab-Biotics
BBO
Elica
BAK
Wärtsilä
POH
Gek Terna
IBG
Almirall
BBO
Indesit
BAK
Zardoya Otis
BBO
Grontmij
SNS
Amplifon
BAK
Seb Sa
CIC
Industrial T ranspo rtatio n M em(*) Grupo San Jose
Arseus
BDG
U10
CIC
Bollore
Bayer
EQB
Industrial Engineering
Biomerieux
CIC
Accsys Technologies
SNS
Biotest
EQB
Agta Record
CIC
Cegedim
CIC
Aixtron
Celesio
EQB
Diasorin
BAK
Drägerwerk
EQB
POH
BBO
CIC
Heijmans
SNS
BDG
Hochtief
EQB
Caf
BBO
Holcim Ltd
CIC
Deutsche Post
EQB
Imerys
CIC
EQB
Gemina
BAK
Impregilo
BAK
Ansaldo Sts
BAK
Hes Beheer
SNS
Italcementi
BAK
Bauer Ag
EQB
Hhla
EQB
Lafarge
CIC
Biesse
BAK
Logwin
EQB
Lemminkäinen
POH
M em(*) Bpost
BAK
Page 20
Berentzen
M edia
CIC
Vastned Retail
BDG
I.R.I.S.
BDG
Orange
CIC
Ad Pepper
EQB
Cgg
CIC
Vastned Retail Belgium
BDG
I:Fao Ag
EQB
Ote
IBG
Alma M edia
POH
Fugro
SNS
Vib Vermoegen
EQB
Ict Automatisering
SNS
Portugal Telecom
CBI
Atresmedia
BBO
Saipem
BAK
Wdp
BDG
Indra Sistemas
BBO
Ses
CIC
Brill
SNS
Technip
CIC
R enewable Energy
CIC
Sonaecom
CBI
Cofina
CBI
Tecnicas Reunidas
BBO
Abengoa
BBO
Novabase Sgps
CBI
Telecom Italia
BAK
Editoriale L'Espresso
BAK
Tenaris
BAK
Biopetrol Industries
EQB
Ordina
SNS
Telefonica
BBO
Gl Events
CIC
Vallourec
CIC
Daldrup & Soehne
EQB
Psi
EQB
Telenet Group
BDG
Havas
CIC
Vopak
SNS
Deutsche Biogas
EQB
Realdolmen
BDG
Teliasonera
POH
Hi-M edia
CIC
P erso nal Go o ds
M em(*) Enel Green Power
BAK
Reply
BAK
Tiscali
BAK
Impresa
CBI
Adidas
EQB
Gamesa
BBO
Rib Software
EQB
Turkcell
IBG
Ipsos
CIC
Adler M odemaerkte
EQB
Phoenix Solar
EQB
Seven Principles Ag
EQB
United Internet
EQB
Jcdecaux
CIC
Amer Sports
POH
Sma Solar Technology
EQB
Sii
CIC
Vodafone
BAK
Kinepolis
BDG
Basic Net
BAK
Solar-Fabrik
EQB
Sopra Group
CIC
Zon M ultimedia
Lagardere
CIC
Beiersdorf
EQB
Solarworld
EQB
Steria
CIC
Utilities
M 6-M etropole Television
CIC
Geox
BAK
Solutronic
EQB
Tie Kinetix
SNS
A2A
BAK
M ediaset
BAK
Gerry Weber
EQB
Sunways
EQB
Tieto
POH
Acciona
BBO
M ediaset Espana
BBO
Hugo Boss
EQB
Semico nducto rs
SNS
Acea
BAK
M eetic
CIC
Kering
CIC
Asm International
SNS
Transics
BDG
Albioma
CIC
Nextradiotv
CIC
Loewe
EQB
Asml
SNS
Unit4
SNS
E.On
EQB
Nostrum
BBO
Luxottica
BAK
Besi
SNS
Wincor Nixdorf
EQB
Edp
CBI
Nrj Group
CIC
M arimekko
POH
M elexis
BDG
Suppo rt Services
Publicis
CIC
M edion
EQB
Okmetic
POH
Batenburg
SNS
Elia
BDG
Rcs M ediagroup
BAK
Puma
EQB
Roodmicrotec
SNS
Brunel
SNS
Enagas
BBO
Reed Elsevier N.V.
SNS
Safilo
BAK
Stmicroelectronics
BAK
Bureau Veritas S.A.
CIC
Endesa
BBO
Roularta
BDG
Salvatore Ferragamo
BAK
Suess M icrotec
EQB
Dpa
SNS
Enel
BAK
Rtl Group
BDG
Sarantis
IBG
So ftware & C o mputer Services
M em(*) Edenred
CIC
Falck Renewables
BAK
Sanoma
POH
Tod'S
BAK
Affecto
POH
Ei Towers
BAK
Fluxys
BDG
Solocal Group
CIC
Van De Velde
BDG
Akka Technologies
CIC
Fiera M ilano
BAK
Fortum
POH
Spir Communication
CIC
Zucchi
BAK
Alten
CIC
Imtech
SNS
Gas Natural Fenosa
BBO
Talentum
POH
R eal Estate
M em(*) Altran
CIC
Lassila & Tikanoja
POH
Gdf Suez
CIC
Telegraaf M edia Groep
SNS
Aedifica
BDG
Amadeus
BBO
Prosegur
BBO
Hera
BAK
Teleperformance
CIC
Ascencio
BDG
Atos
CIC
Randstad
SNS
Iberdrola
BBO
Tf1
CIC
Atenor
BDG
Basware
POH
Usg People
SNS
Iren
BAK
Ti M edia
BAK
Banimmo
BDG
Beta Systems Software
EQB
T eleco m Equipment
Ubisoft
CIC
Befimmo
BDG
Bull
CIC
Alcatel-Lucent
CIC
Red Electrica De Espana
Vivendi
CIC
Beni Stabili
BAK
Capgemini
CIC
Ericsson
POH
Ren
CBI
Wolters Kluwer
SNS
Citycon
POH
Cegid
CIC
Gigaset
EQB
Rwe
EQB
BAK
Oil & Gas P ro ducers
M em(*) Bourbon
M em(*) Tomtom
M em(*) Edp Renováveis
M em(*) Public Power Corp
BDG
Cenit
EQB
Nokia
POH
Snam
Eni
BAK
Corio
BDG
Comptel
POH
Teleste
POH
Suez Environnement
Galp Energia
CBI
Deutsche Euroshop
EQB
Dassault Systemes
CIC
T eleco mmunicatio ns
Gas Plus
BAK
Home Invest Belgium
BDG
Digia
POH
Acotel
BAK
Hellenic Petroleum
IBG
Igd
BAK
Docdata
SNS
Belgacom
BDG
M aurel Et Prom
CIC
Intervest Offices & Warehouses
BDG
Ekinops
CIC
Bouygues
CIC
M otor Oil
IBG
Ivg Immobilien Ag
EQB
Engineering
BAK
Deutsche Telekom
EQB
Neste Oil
POH
Leasinvest Real Estate
BDG
Esi Group
CIC
Elisa
POH
Petrobras
CBI
M ontea
BDG
Exact Holding Nv
SNS
Eutelsat Communications Sa
CIC
Qgep
CBI
Realia
BBO
F-Secure
POH
Freenet
EQB
Repsol
BBO
Retail Estates
BDG
Gameloft
CIC
Gowex
BBO
Total
CIC
Sponda
POH
Gft Technologies
EQB
Iliad
CIC
Tupras
IBG
Technopolis
POH
Groupe Open
CIC
Jazztel
BBO
BDG
Guillemot Corporation
CIC
M obistar
BDG
Oil Services
M em(*) Cofinimmo
M em(*) Neurones
M em(*) Unibail-Rodamco
M em(*) Terna
Veolia Environnement
CBI
M em(*)
CBI
IBG
BBO
CIC
BAK
CIC
LEGEND: BAK: Banca Akros; BDG: Bank Degroof; BBO: Bankia Bolsa; CIC: CM CIC Securities; CBI: Caixa-Banca de Investimento; EQB: Equinet bank;
IBG: Investment Bank of Greece, POH: Pohjola Bank; SNS: SNS Securities
as of 1st August 2013
Page 21
Berentzen
List of ESN Analysts (**)
Ari Agopyan
CIC +33 145 96 85 80
[email protected]
Sergio Ruiz M artin
BBO +34 91436 7866
[email protected]
Christian Auzanneau
CIC +33 4 78 92 0185
[email protected]
Dario M ichi
BAK +39 02 4344 4237
[email protected]
Olivier Bails, CFA
CIC +33 145 96 78 72
[email protected]
M arietta M iemietz CFA
EQB +49-69-58997-439
[email protected]£cr£
Helena Barbosa
CBI +35121389 6831
[email protected]
Júlia M onteiro, CNPI
CGD +55 2131383 128
[email protected]
Javier Bernat
BBO +34 91436 7816
[email protected]
José M ota Freitas, CFA
CBI +35122 607 09 31
[email protected]
Dimitris Birbos
IBG +30 210 8173 392
[email protected]
Alex Pardellas, CNPI
CGD +55 2131383 154
[email protected]
Jean-Pascal Brivady
CIC +33 4 78 92 02 25
[email protected]
Henri Parkkinen
POH +358 10 252 4409
[email protected]
David Cabeza Jareño
BBO +34 914367818
[email protected]
Adrian Pehl, CFA
EQB +49 69 58997 438
[email protected]
Giada Cabrino, CIIA
BAK +39 02 4344 4092
[email protected]
Victor Peiro Pérez
BBO +34 91436 7812
[email protected]
Niclas Catani
POH +358 10 252 8780
[email protected]
Leonardo Pinto, CNPI
CGD +55 1130 744 517
[email protected]
Jean-M arie Caucheteux
BDG +32 2 287 99 20
[email protected]
Francis Prêtre
CIC +33 4 78 92 02 30
[email protected]
M arco Cavalleri
BAK +39 02 4344 4022
[email protected]
Francesco Previtera
BAK +39 02 4344 4033
[email protected]
Pierre Chedeville
CIC +33 145 96 78 71
[email protected]
Elaine Rabelo, CNPI
CGD +55 1130 748 027
[email protected]
Emmanuel Chevalier
CIC +33 145 96 77 42
[email protected]
Jari Raisanen
POH +358 10 252 4504
[email protected]
Florent Couvreur
CIC +33 145 96 77 60
[email protected]
Hannu Rauhala
POH +358 10 252 4392
[email protected]
Edwin de Jong
SNS +312 0 5508569
[email protected]
M atias Rautionmaa
POH +358 10 252 4408
[email protected]
Nadeshda Demidova
EQB +49 69 58997 434
[email protected]
Eric Ravary
CIC +33 145 96 79 53
[email protected]
M artijn den Drijver
SNS +312 0 5508636
[email protected]
Iñigo Recio Pascual
BBO +34 91436 7814
[email protected]
Christian Devismes
CIC +33 145 96 77 63
[email protected]
Philipp Rigters
EQB +49 69 58997 413
[email protected]
Andrea Devita, CFA
BAK +39 02 4344 4031
[email protected]
André Rodrigues
CBI +35121389 68 39
[email protected]
Hans D'Haese
BDG +32 (0) 2 287 9223
[email protected]
Jean-Luc Romain
CIC +33 145 96 77 36
[email protected]
Dries Dury
BDG +32 2 287 9176
[email protected]
Jochen Rothenbacher, CEFA
EQB +49 69 58997 415
[email protected]
Ingbert Faust, CEFA
EQB +49 69 58997 410
[email protected]
Vassilis Roumantzis
IBG +30 2108173394
[email protected]
Rafael Fernández de Heredia
BBO +34 91436 78 08
[email protected]
Sonia Ruiz De Garibay
BBO +34 91436 7841
[email protected]
Stefan Freudenreich, CFA
EQB +49 69 58997 437
[email protected]
Antti Saari
POH +358 10 252 4359
[email protected]
Gabriele Gambarova
BAK +39 02 43 444 289
[email protected]
Paola Saglietti
BAK +39 02 4344 4287
[email protected]
Claudio Giacomiello, CFA
BAK +39 02 4344 4269
[email protected]
Francesco Sala
BAK +39 02 4344 4240
[email protected]
Ana Isabel González García CIIA
BBO +34 91436 78 09
[email protected]
Lemer Salah
SNS '+312 0 5508516
[email protected]
Arsène Guekam
CIC +33 145 96 78 76
[email protected]
M ichael Schaefer
EQB +49 69 58997 419
[email protected]
Bernard Hanssens
BDG +32 (0) 2 287 9689
[email protected]
Holger Schmidt, CEFA
EQB +49 69 58 99 74 32
[email protected]
Philipp Häßler, CFA
EQB +49 69 58997 414
[email protected]
Tim Schuldt, CFA
EQB +49 69 5899 7433
[email protected]
Carlos Jesus
CBI +35121389 6812
[email protected]
Pekka Spolander
POH +358 10 252 4351
[email protected]
Bart Jooris
BDG +32 2 287 92 79
[email protected]
Gert Steens
SNS +312 0 5508639
[email protected]
Vicente Koki, CNPI
CGD +55 1130 744 522
[email protected]
Kimmo Stenvall
POH +358 10 252 4561
[email protected]
Jean-M ichel Köster
CIC +33 145 96 77 17
[email protected]
Natalia Svyrou-Svyriadi
IBG +30 210 8173 384
[email protected]
Jean-Christophe Lefèvre-M oulenq CIC +33 145 96 9104
[email protected] Annick Thévenon
CIC +33 145 96 77 38
[email protected]
Dov Levy
CIC +33 145 96 78 74
[email protected]
Luigi Tramontana
BAK +39 02 4344 4239
[email protected]
Sébastien Liagre
CIC +33 145 96 90 34
[email protected]
Johan van den Hooven
SNS +312 0 5508518
[email protected]
Harald Liberge-Dondoux
CIC +33 145 96 98 12
[email protected]
Guido Varatojo dos Santos
CBI +35121389 6822
[email protected]
Konrad Lieder
EQB +49 69 5899 7436
[email protected]
Richard Withagen
SNS +312 0 5508572
[email protected]
Konstantinos M anolopoulos
IBG +30 210 817 3388
[email protected]
(**) excluding: strategists, macroeconomists, heads of research not covering specific stocks, credit analysts, technical analysts
Page 22
Berentzen
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, Accumulate (or Add), Hold, Reduce and Sell (in short: B, A, H, R, 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 20% during the next
12 months time horizon

Accumulate: the stock is expected to generate total return of 10% to 20%
during the next 12 months time horizon

Hold: the stock is expected to generate total return of 0% to 10% during the
next 12 months time horizon.

Reduce: the stock is expected to generate total return of 0% to -10% during the
next 12 months time horizon

Sell: the stock is expected to generate total return under -10% during the next
12 months time horizon

Rating Suspended: the rating is suspended due to a capital operation (takeover bid, SPO, …) where the issuer of the document (a partner of ESN) or a
related party of the issuer is or could be involved or to a change of analyst
covering the stock

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
Equinet Bank Ratings Breakdown
Redu
ce
7%
Sell
11%
Buy
40%
Accu
mulat
e
19%
Hold
23%
History of ESN Recommendation System
Since 18 October 2004, the Members of ESN are using an Absolute Recommendation System
(before was a Relative Rec. System) to rate any single stock under coverage.
Since 4 August 2008, the ESN Rec. System has been amended as follow.

Time horizon changed to 12 months (it was 6 months)

Recommendations Total Return Range changed as below:
TODAY
SELL
REDUCE
-10%
HOLD
0%
ACCUMULATE
10%
BUY
20%
BEFORE
SELL
-15%
REDUCE
HOLD
0%
ACCUMULATE
5%
BUY
15%
Page 23
Disclaimer:
These reports have been prepared and issued by the Members of European
Securities Network LLP (‘ESN’). ESN, its Members and their affiliates (and any
director, officer or employee thereof), are neither liable for the proper and
complete transmission of these reports nor for any delay in their receipt. Any
unauthorised use, disclosure, copying, distribution, or taking of any action in
reliance on these reports is strictly prohibited. The views and expressions in the
reports are expressions of opinion and are given in good faith, but are subject to
change without notice. These reports may not be reproduced in whole or in part
or passed to third parties without permission. The information herein was
obtained from various sources. ESN, its Members and their affiliates (and any
director, officer or employee thereof) do not guarantee their accuracy or
completeness, and neither ESN, nor its Members, nor its Members’ affiliates (nor
any director, officer or employee thereof) shall be liable in respect of any errors or
omissions or for any losses or consequential losses arising from such errors or
omissions. Neither the information contained in these reports nor any opinion
expressed constitutes an offer, or an invitation to make an offer, to buy or sell any
securities or any options, futures or other derivatives related to such securities
(‘related investments’). These reports are prepared for the clients of the Members
of ESN only. They do not have regard to the specific investment objectives,
financial situation and the particular needs of any specific person who may
receive any of these reports. Investors should seek financial advice regarding the
appropriateness of investing in any securities or investment strategies discussed
or recommended in these reports and should understand that statements
regarding future prospects may not be realised. Investors should note that income
from such securities, if any, may fluctuate and that each security’s price or value
may rise or fall. Accordingly, investors may receive back less than originally
invested. Past performance is not necessarily a guide to future performance.
Foreign currency rates of exchange may adversely affect the value, price or
income of any security or related investment mentioned in these reports. In
addition, investors in securities such as ADRs, whose value are influenced by the
currency of the underlying security, effectively assume currency risk.
ESN, its Members and their affiliates may submit a pre-publication draft (without
mentioning neither the recommendation nor the target price/fair value) of its
reports for review to the Investor Relations Department of the issuer forming the
subject of the report, solely for the purpose of correcting any inadvertent material
inaccuracies. Like all members employees, analysts receive compensation that is
impacted by overall firm profitability For further details about the specific risks of
the company and about the valuation methods used to determine the price
targets included in this report/note, please refer to the latest relevant published
research on single stock or contact the analyst named on the front of the
report/note. Research is available through your sales representative. ESN will
provide periodic updates on companies or sectors based on company-specific
developments or announcements, market conditions or any other publicly
available information. Unless agreed in writing with an ESN Member, this
research is intended solely for internal use by the recipient. Neither this document
nor any copy of it may be taken or transmitted into Australia, Canada or Japan or
distributed, directly or indirectly, in Australia, Canada or Japan or to any resident
thereof. This document is for distribution in the U.K. Only to persons who have
professional experience in matters relating to investments and fall within article
19(5) of the financial services and markets act 2000 (financial promotion) order
2005 (the “order”) or (ii) are persons falling within article 49(2)(a) to (d) of the
order, namely high net worth companies, unincorporated associations etc (all
such persons together being referred to as “relevant persons”). This document
must not be acted on or relied upon by persons who are not relevant persons.
Any investment or investment activity to which this document relates is available
only to relevant persons and will be engaged in only with relevant persons.
The distribution of this document in other jurisdictions or to residents of other
jurisdictions may also be restricted by law, and persons into whose possession
this document comes should inform themselves about, and observe, any such
restrictions. By accepting this report you agree to be bound by the foregoing
instructions. You shall indemnify ESN, its Members and their affiliates (and any
director, officer or employee thereof) against any damages, claims, losses, and
detriments resulting from or in connection with the unauthorized use of this
document.
For disclosure upon “conflicts of interest” on the companies under coverage by all
the ESN Members and on each “company recommendation history”, please visit
the ESN website (www.esnpartnership.eu) For additional information and
individual disclaimer please refer to www.esnpartnership.eu and to each
ESN Member websites:
www.bancaakros.it regulated by the CONSOB - Commissione Nazionale per le Società e la Borsa
www.bankiabolsa.es regulated by CNMV - Comisión Nacional del Mercado de Valores
www.caixabi.pt regulated by the CMVM - Comissão do Mercado de Valores Mobiliários
www.cgdsecurities.com.br regulated by the CVM – Comissão de Valores Mobiliários
www.cmcics.com regulated by the AMF - Autorité des marchés financiers
www.degroof.be regulated by the FSMA - Financial Services and Markets Authority
www.equinet-ag.de regulated by the BaFin - Bundesanstalt für Finanzdienstleistungsaufsicht
www.ibg.gr regulated by the HCMC - Hellenic Capital Market Commission
www.pohjola.com regulated by the Financial Supervision Authority
www.snssecurities.nl regulated by the AFM - Autoriteit Financiële Markten
Berentzen
Germany
Food & Beverage
Members of ESN (European Securities Network LLP)
Banca Akros S.p.A.
Viale Eginardo, 29
20149 MILANO
Italy
Phone: +39 02 43 444 389
Fax: +39 02 43 444 302
Bank Degroof
Rue de I’Industrie 44
1040 Brussels
Belgium
Phone: +32 2 287 91 16
Fax: +32 2 231 09 04
Bankia Bolsa
Serrano, 39
28001 Madrid
Spain
Phone: +34 91 436 7813
Fax: +34 91 577 3770
Caixa-Banco de Investimento
Rua Barata Salgueiro, 33
1269-050 Lisboa
Portugal
Phone: +351 21 389 68 00
Fax: +351 21 389 68 98
CM - CIC Securities
6, avenue de Provence
75441 Paris
Cedex 09
France
Phone: +33 1 4596 7940
Fax: +33 1 4596 7748
Equinet Bank AG
Gräfstraße 97
60487 Frankfurt am Main
Germany
Phone:+49 69 – 58997 – 410
Fax:+49 69 – 58997 – 299
Investment Bank of Greece
24B, Kifisias Avenue
151 25 Marousi
Greece
Phone: +30 210 81 73 000
Fax: +30 210 68 96 325
Pohjola Bank plc
P.O.Box 308
FI- 00013 Pohjola
Finland
Phone: +358 10 252 011
Fax: +358 10 252 2703
SNS Securities N.V.
Nieuwezijds Voorburgwal 162
P.O.Box 235
1000 AE Amsterdam
The Netherlands
Phone: +31 20 550 8500
Fax: +31 20 626 8064