BESI Global Coverage
Company
Ticker
Sector
Analyst
Email
Austria
Telekom Austria
Vienna Insurance Group
TKA AV
VIG AV
Telecom Services
Insurance
Andrew Hogley
Kamil Stolarski, CFA
andrew.hogley@espiritosantoib.co.uk
kstolarski@espiritosantoib.pl
Belgium
Anheuser-Busch InBev
Belgacom
Colruyt
Telenet Grp
ABI BB
BELG BB
COLR BB
TNET BB
Food, Beverage and HPC
Telecom Services
Retail
Telecom Services
Stephanie Barsdorf
Andrew Hogley
Rickin Thakrar
Andrew Hogley
stephanie.barsdorf@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
rickin.thakrar@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
Brazil
Aliansce
AmBev
Arteris
Banco do Brasil
BB Seguridade
Bematech
Bradesco
Brasil Foods
Brasil Pharma
Brazil Hospitality Group
BRMALLS
CCR
Cia Brasileira de Distribuicao
CSN ON
CSN ON ADR
Cyrela
EcoRodovias
Fibria
Fibria (ADR)
Gafisa
Gerdau PN
Gerdau PN ADR
Guararapes
Hering
Iguatemi
Itaú Unibanco
JBS
Kepler Weber
Klabin
Localiza
Marfrig
Marisa
Metalúrgica Gerdau PN
Minerva
MRV
Multiplan
Oi
PDG Realty
Porto Seguro
Providencia
Raia Drogasil
Renner
Rossi Residencial
ALSC3 BZ
ABEV3 BZ
ARTR3 BZ
BBAS3 BZ
BBSE3 BZ
BEMA3 BZ
BBDC4 BZ
BRFS3 BZ
BPHA3 BZ
BHGR3 BZ
BRML3 BZ
CCRO3 BZ
PCAR4 BZ
CSNA3 BZ
SID US
CYRE3 BZ
ECOR3 BZ
FIBR3 BZ
FBR US
GFSA3 BZ
GGBR4 BZ
GGB US
GUAR3 BZ
HGTX3 BZ
IGTA3 BZ
ITUB4 BZ
JBSS3 BZ
KEPL3 BZ
KLBN11 BZ
RENT3 BZ
MRFG3 BZ
AMAR3 BZ
GOAU4 BZ
BEEF3 BZ
MRVE3 BZ
MULT3 BZ
OIBR4 BZ
PDGR3 BZ
PSSA3 BZ
PRVI3 BZ
RADL3 BZ
LREN3 BZ
RSID3 BZ
Real Estate
Eduardo Silveira
Food, Beverage and HPC
Catarina Pedrosa, CNPI
Construction & Building MaterEduardo Silveira
Banks
Pedro Fonseca
Financial Services
Pedro Fonseca
Technology
Catarina Pedrosa, CNPI
Banks
Pedro Fonseca
Food, Beverage and HPC
Catarina Pedrosa, CNPI
Retail
André Fontoura
Travel & Leisure
Eduardo Silveira
Real Estate
Eduardo Silveira
Construction & Building MaterEduardo Silveira
Retail
André Fontoura
Basic Resources
Catarina Pedrosa, CNPI
Basic Resources
Catarina Pedrosa, CNPI
Real Estate
Eduardo Silveira
Construction & Building MaterEduardo Silveira
Basic Resources
Catarina Pedrosa, CNPI
Basic Resources
Catarina Pedrosa, CNPI
Real Estate
Eduardo Silveira
Basic Resources
Catarina Pedrosa, CNPI
Basic Resources
Catarina Pedrosa, CNPI
Retail
André Fontoura
Retail
André Fontoura
Real Estate
Eduardo Silveira
Banks
Pedro Fonseca
Retail
Catarina Pedrosa, CNPI
Capital Goods
Catarina Pedrosa, CNPI
Basic Resources
Catarina Pedrosa, CNPI
Travel & Leisure
André Fontoura
Retail
Catarina Pedrosa, CNPI
Retail
André Fontoura
Basic Resources
Catarina Pedrosa, CNPI
Food, Beverage and HPC
Catarina Pedrosa, CNPI
Real Estate
Eduardo Silveira
Real Estate
Eduardo Silveira
Telecom Services
Antonio Espirito Santo
Real Estate
Eduardo Silveira
Financial Services
Pedro Fonseca
Basic Resources
Catarina Pedrosa, CNPI
Retail
André Fontoura
Retail
André Fontoura
Real Estate
Eduardo Silveira
Source: Bloomberg, BESI Research
as at 31 March 2015
SP
esilveira@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
pfonseca@espiritosantoib.com.br
pfonseca@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
pfonseca@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
pfonseca@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
aesanto@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
pfonseca@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
Page 1 of 9
FV
Up/Dn
Rating
Ccy
Market Capitalisation (m)
Local
EUR
USD
6.6
41.1
4.8
40.0
-27.0%
-3.0%
Sell
Buy
EUR
EUR
2,917
5,266
2,917
5,266
3,159
5,702
114.5
32.8
40.7
51.0
80.0
16.3
34.0
45.6
-30.0%
-50.0%
-16.0%
-11.0%
Neutral
Sell
Sell
Neutral
EUR
EUR
EUR
EUR
183,949
11,077
6,351
5,778
183,949
11,077
6,351
5,778
199,199
11,995
6,877
6,257
16.8
18.6
7.6
22.8
33.0
9.7
29.2
63.0
0.7
18.7
16.9
16.6
96.4
5.7
1.7
13.6
9.0
45.2
14.0
2.1
10.3
3.2
77.4
16.5
28.0
35.0
14.2
26.2
18.2
36.2
4.1
14.2
11.1
7.4
8.0
55.9
29.0
20.0
8.0
26.6
22.5
12.3
34.4
50.0
3.4
19.0
27.0
18.0
125.0
16.0
7.8
14.0
13.0
30.5
13.7
2.2
18.5
9.4
126.0
21.7
35.0
33.7
12.5
50.0
17.5
33.5
8.0
13.4
22.3
13.0
10.0
57.0
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
USD
BRL
BRL
BRL
USD
BRL
BRL
USD
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
2,672
291,983
2,601
65,389
65,900
500
123,420
54,966
177
1,178
7,724
29,238
25,393
8,325
2,537
5,646
5,028
25,027
7,738
932
16,296
5,486
4,736
2,716
4,947
169,660
41,682
690
3,443
7,675
2,109
2,627
4,167
1,045
3,860
10,617
764
83,478
743
18,695
18,841
143
35,286
15,715
51
337
2,208
8,359
7,260
2,380
2,343
1,614
1,438
7,155
7,146
266
4,659
5,066
1,354
777
1,414
48,506
11,917
197
984
2,194
603
751
1,191
299
1,104
3,035
827
90,398
805
20,244
20,403
155
38,211
17,017
55
365
2,391
9,052
7,862
2,577
2,537
1,748
1,557
7,748
7,738
288
5,045
5,486
1,466
841
1,532
52,527
12,905
214
1,066
2,376
653
813
1,290
323
1,195
3,287
0.5
35.3
8.3
28.1
89.2
2.6
0.5
25.3
11.7
21.5
79.8
2.0
73.0%
Buy
7.0%
Neutral
6.0%
Neutral
17.0%
Buy
-32.0%
Sell
27.0%
Buy
18.0%
Neutral
-21.0%
Sell
393.0%
Neutral
1.0%
Buy
60.0%
Buy
9.0%
Neutral
30.0%
Buy
180.0%
Buy
348.0%
Neutral
3.0%
Buy
44.0%
Buy
-32.0%
Sell
-2.0%
Neutral
3.0%
Neutral
79.0%
Neutral
195.0%
Buy
63.0%
Buy
32.0%
Sell
25.0%
Buy
-4.0%
Neutral
-12.0%
Neutral
91.0%
Neutral
-4.0%
Neutral
-8.0%
Neutral
98.0%
Buy
-5.0%
Sell
102.0%
Neutral
76.0%
Buy
25.0%
Buy
2.0%
Neutral
RESTRICTED
-10.0%
Sell
-28.0%
Sell
41.0%
Buy
-23.0%
Neutral
-10.0%
Buy
-23.0%
Sell
BRL
BRL
BRL
BRL
BRL
BRL
670
11,412
664
9,267
11,142
1,110
191
3,263
190
2,650
3,185
317
207
3,533
206
2,869
3,449
344
BESI Global Coverage
Company
Ticker
Sector
SANB11 BZ
SLCE3 BZ
SSBR3 BZ
SULA11 BZ
SUZB5 BZ
TCSA3 BZ
VIVT4 BZ
TIMP3 BZ
TPIS3 BZ
USIM3 BZ
USIM5 BZ
VAGR3 BZ
VALE US
VALE/P US
VALE3 BZ
VALE5 BZ
Banks
Pedro Fonseca
Food, Beverage and HPC
Catarina Pedrosa, CNPI
Real Estate
Eduardo Silveira
Financial Services
Pedro Fonseca
Basic Resources
Catarina Pedrosa, CNPI
Real Estate
Eduardo Silveira
Telecom Services
Antonio Espirito Santo
Telecom Services
Antonio Espirito Santo
Construction & Building MaterEduardo Silveira
Basic Resources
Catarina Pedrosa, CNPI
Basic Resources
Catarina Pedrosa, CNPI
Food, Beverage and HPC
Catarina Pedrosa, CNPI
Basic Resources
Catarina Pedrosa, CNPI
Basic Resources
Catarina Pedrosa, CNPI
Basic Resources
Catarina Pedrosa, CNPI
Basic Resources
Catarina Pedrosa, CNPI
pfonseca@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
pfonseca@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
aesanto@espiritosantoib.com.br
aesanto@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
Czech Republic
CEZ AS
Komercni Banka
O2 Czech
CEZ CK
KOMB CP
TELEC CP
Utilities
Banks
Telecom Services
Maria Mickiewicz
Lukasz Janczak
Konrad Ksiezopolski
mmickiewicz@espiritosantoib.pl
ljanczak@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
Denmark
Carlsberg
TDC
CARLB DC
TDC DC
Food, Beverage and HPC
Telecom Services
Stephanie Barsdorf
Andrew Hogley
stephanie.barsdorf@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
Finland
Elisa
Kone
Metso
Wartsila
ELI1V FH
KNEBV FH
MEO1V FH
WRT1V FH
Telecom Services
Capital Goods
Capital Goods
Capital Goods
Andrew Hogley
Nick Wilson
Nick Wilson
Nick Wilson
andrew.hogley@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
France
Airbus
BNP Paribas
Carrefour
Casino Guichard
Iliad
Legrand
Numericable
Orange
Pernod Ricard
Safran
Schneider
Societe Generale
Thales
AIR FP
BNP FP
CA FP
CO FP
ILD FP
LR FP
NUM FP
ORA FP
RI FP
SAF FP
SU FP
GLE FP
HO FP
Aerospace and Defence
Banks
Retail
Retail
Telecom Services
Capital Goods
Telecom Services
Telecom Services
Food, Beverage and HPC
Aerospace and Defence
Capital Goods
Banks
Aerospace and Defence
Edward Stacey, CFA
Shailesh Raikundlia
Rickin Thakrar
Rickin Thakrar
Nuno Matias
Nick Wilson
Andrew Hogley
Nuno Matias
Stephanie Barsdorf
Edward Stacey, CFA
Nick Wilson
Shailesh Raikundlia
Edward Stacey, CFA
Germany
Deutsche Bank
Deutsche Telekom
GEA Group
Hochtief
Kabel Deutschland
MTU Aero Engines
DBK GY
DTE GY
G1A GR
HOT GR
KD8 GY
MTX GR
Banks
Shailesh Raikundlia
Telecom Services
Andrew Hogley
Capital Goods
Nick Wilson
Construction & Building MaterJuan Carlos Calvo
Telecom Services
Andrew Hogley
Aerospace and Defence
Edward Stacey, CFA
Santander Brasil
SLC Agricola
Sonae Sierra
Sul America
Suzano Papel e Celulose
Tecnisa
Telefonica Brasil PN
Tim Participações
Triunfo Participações
Usiminas ON
Usiminas PNA
V-Agro
Vale ADR ON
Vale ADR PN
Vale ON
Vale PN
Source: Bloomberg, BESI Research
Analyst
Email
as at 31 March 2015
SP
14.2
17.2
18.7
14.0
14.8
3.8
49.2
10.8
3.3
22.0
5.1
0.9
5.8
5.0
18.6
16.1
FV
Up/Dn
Rating
Ccy
Market Capitalisation (m)
Local
EUR
USD
14.6
21.5
20.0
12.6
13.5
3.6
53.5
15.5
7.0
12.5
11.5
1.3
22.9
15.0
45.0
31.0
3.0%
25.0%
7.0%
-10.0%
-9.0%
-6.0%
9.0%
43.0%
113.0%
-43.0%
125.0%
40.0%
296.0%
201.0%
142.0%
93.0%
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral
Buy
Buy
Buy
Buy
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
USD
USD
BRL
BRL
54,042
1,696
1,429
4,763
16,416
714
51,758
26,207
579
13,719
13,719
360
29,378
29,378
94,483
94,483
15,451
485
409
1,362
4,693
204
14,798
7,493
166
3,922
3,922
103
27,129
27,129
27,013
27,013
16,731
525
442
1,475
5,082
221
16,024
8,114
179
4,248
4,248
112
29,378
29,378
29,252
29,252
625.1
507.0
5,528.0 5,550.0
201.8
304.0
-19.0%
51.0%
Buy
Buy
Neutral
CZK
CZK
CZK
336,297
210,118
64,998
12,232
7,643
2,364
13,246
8,276
2,560
571.0
50.2
480.0
69.5
-16.0%
39.0%
Neutral
Buy
DKK
DKK
88,087
40,722
11,795
5,453
12,773
5,905
23.5
42.1
27.2
41.4
18.4
33.5
27.5
44.0
-22.0%
-21.0%
1.0%
6.0%
Sell
Sell
Neutral
Buy
EUR
EUR
EUR
EUR
3,931
10,979
4,092
8,168
3,931
10,979
4,092
8,168
4,257
11,889
4,432
8,845
edward.stacey@espiritosantoib.co.uk
shailesh.raikundlia@espiritosantoib.co.uk
rickin.thakrar@espiritosantoib.co.uk
rickin.thakrar@espiritosantoib.co.uk
nmatias@espiritosantoib.pt
nick.wilson@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
nmatias@espiritosantoib.pt
stephanie.barsdorf@espiritosantoib.co.uk
edward.stacey@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
shailesh.raikundlia@espiritosantoib.co.uk
edward.stacey@espiritosantoib.co.uk
61.2
57.3
31.3
82.9
224.6
50.7
51.7
15.1
111.2
65.0
72.3
45.6
51.9
47.0
55.7
33.0
90.0
212.0
48.7
22.3
13.1
100.0
68.0
75.0
48.4
51.0
-23.0%
-3.0%
5.0%
9.0%
-6.0%
-4.0%
-57.0%
-13.0%
-10.0%
5.0%
4.0%
6.0%
-2.0%
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Sell
Buy
Neutral
Neutral
Buy
Neutral
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
47,921
71,258
22,657
9,355
12,974
13,404
1,360
40,104
29,502
27,090
40,550
36,443
10,577
47,921
71,258
22,657
9,355
12,974
13,404
1,360
40,104
29,502
27,090
40,550
36,443
10,577
51,894
77,165
24,535
10,130
14,050
14,515
1,472
43,429
31,947
29,336
43,912
39,464
11,454
shailesh.raikundlia@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
jccalvo@espiritosantoib.es
andrew.hogley@espiritosantoib.co.uk
edward.stacey@espiritosantoib.co.uk
32.4
17.3
45.2
71.7
119.8
91.2
25.6
13.3
41.5
72.1
105.0
74.0
-21.0%
-23.0%
-8.0%
1.0%
-12.0%
-19.0%
Neutral
Neutral
Neutral
Buy
Neutral
Sell
EUR
EUR
EUR
EUR
EUR
EUR
33,017
77,093
8,701
5,521
10,601
4,745
33,017
77,093
8,701
5,521
10,601
4,745
35,754
83,484
9,423
5,979
11,479
5,138
Page 2 of 9
BESI Global Coverage
Company
as at 31 March 2015
Sector
Analyst
Email
SP
SIE GR
SKYD GR
Capital Goods
Telecom Services
Nick Wilson
Andrew Hogley
nick.wilson@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
101.1
6.8
92.0
6.1
-9.0%
-10.0%
Neutral
Buy
EUR
EUR
89,087
5,941
89,087
5,941
96,472
6,434
Greece
Hellenic Telecom
HTO GA
Telecom Services
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
8.3
13.2
59.0%
Buy
EUR
4,073
4,073
4,411
Hungary
Magyar Telekom
MOL
OTP Bank
MTELEKOM HB Telecom Services
MOL HB
Oil & Gas
OTP HB
Banks
Konrad Ksiezopolski
Wojciech Kozlowski
Lukasz Janczak
kksiezopolski@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
ljanczak@espiritosantoib.pl
414.0
370.0
12,380.0 13,944.9
5,369.0 3,650.0
-11.0%
13.0%
-32.0%
Neutral
Buy
Sell
HUF
HUF
HUF
431,696
1,293,946
1,503,320
1,443
4,326
5,025
1,563
4,684
5,442
India
ACC
Adani Ports & SEZ
Aditya Birla Nuvo
Ambuja Cements
Axis Bank
Bajaj Auto
Bajaj Finance
Bajaj Finserv
Balkrishna Industries
Bank of Baroda
Bank of India
Bayer CropScience
Bharat Heavy Electricals
Bharti Airtel
Biocon
Bosch
Cadila Healthcare
CARE Ratings
Cholamandalam
Cipla
Coromandel International
DCB Bank
Dewan Housing Finance
Dr Reddy’s
eClerx Services
Edelweiss Capital
Exide
Federal Bank
Finolex Industries
GSFC Ltd
GSK Pharma
Gujarat Pipavav Port
Havells
HCL Technologies
HDFC Bank
HDFC Limited
Hero Motocorp
Hexaware Technologies
Hindalco Industries
Hindustan Zinc
ICICI Bank
Idea Cellular
ACC IN
ADSEZ IN
ABNL IN
ACEM IN
AXSB IN
BJAUT IN
BAF IN
BJFIN IN
BIL IN
BOB IN
BOI IN
BYRCS IN
BHEL IN
BHARTI IN
BIOS IN
BOS IN
CDH IN
CARE IN
CIFC IN
CIPLA IN
CRIN IN
DCBB IN
DEWH IN
DRRD IN
ECLX IN
EDEL IN
EXID IN
FB IN
FNXP IN
GSFC IN
GLXO IN
GPPV IN
HAVL IN
HCLT IN
HDFCB IN
HDFC IN
HMCL IN
HEXW IN
HNDL IN
HZ IN
ICICIBC IN
IDEA IN
anshuman.atri@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Aniket.Mhatre@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Aniket.Mhatre@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
Aniket.Mhatre@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Aniket.Mhatre@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Aniket.Mhatre@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
1,582.7
308.6
1,668.7
257.1
563.6
2,028.0
3,999.7
1,399.5
627.8
163.9
199.9
3,364.2
238.8
389.4
436.3
25,498.8
1,696.1
1,450.8
579.3
702.2
268.8
113.9
464.3
3,425.3
1,596.0
62.4
180.1
132.0
289.8
83.2
3,285.2
241.4
308.7
980.5
1,036.9
1,306.2
2,644.3
310.2
131.2
162.3
318.7
183.0
1,826.0 15.0%
211.0 -32.0%
1,842.0 10.0%
300.0 17.0%
445.0 -21.0%
2,592.0 28.0%
2,152.0 -46.0%
1,803.0 29.0%
844.0 34.0%
672.0 310.0%
140.0 -30.0%
3,377.0
165.0 -31.0%
425.0
9.0%
350.0 -20.0%
9,725.0 -62.0%
1,590.0
-6.0%
2,300.0 59.0%
465.0 -20.0%
770.0 10.0%
351.0 31.0%
95.0 -17.0%
430.0
-7.0%
3,061.5 -11.0%
1,125.0 -30.0%
45.0 -28.0%
184.0
2.0%
150.0 14.0%
379.0 31.0%
139.0 67.0%
2,410.0 -27.0%
110.0 -54.0%
308.0
-0.0%
1,000.0
2.0%
1,175.0 13.0%
1,400.0
7.0%
2,343.0 -11.0%
121.0 -61.0%
158.0 20.0%
187.0 15.0%
375.0 18.0%
206.0 13.0%
Neutral
Sell
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Sell
Buy
Buy
Buy
Buy
Buy
Sell
Sell
Buy
Buy
Buy
Buy
Sell
Sell
Neutral
Buy
Neutral
Buy
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
297,135
638,715
200,666
397,255
264,412
586,836
199,096
222,684
60,677
69,023
119,121
132,882
584,365
1,556,588
87,260
800,633
347,274
42,070
82,923
563,811
76,108
28,516
59,575
582,396
48,023
47,894
153,085
22,561
35,963
33,133
278,266
116,702
192,628
1,378,215
2,479,485
2,035,256
528,034
92,937
270,770
685,558
367,906
607,007
4,384
9,423
2,960
5,861
3,901
8,658
2,937
3,285
895
1,018
1,757
1,960
8,621
22,964
1,287
11,812
5,123
621
1,223
8,318
1,123
421
879
8,592
708
707
2,258
333
531
489
4,105
1,722
2,842
20,333
36,580
30,026
7,790
1,371
3,995
10,114
5,428
8,955
4,747
10,204
3,206
6,347
4,224
9,375
3,181
3,558
969
1,103
1,903
2,123
9,336
24,868
1,394
12,791
5,548
672
1,325
9,007
1,216
456
952
9,304
767
765
2,446
360
575
529
4,446
1,864
3,077
22,018
39,612
32,515
8,436
1,485
4,326
10,952
5,878
9,698
Siemens
Sky Deutschland
Source: Bloomberg, BESI Research
Construction & Building MaterAnshuman Atri
Construction & Building MaterAvinash Ranjan
Financial Services
Hitesh Gulati
Construction & Building MaterAnshuman Atri
Banks
Hitesh Gulati
Capital Goods
Aniket Mhatre
Financial Services
Hitesh Gulati
Financial Services
Hitesh Gulati
Capital Goods
Aniket Mhatre
Banks
Hitesh Gulati
Banks
Hitesh Gulati
Basic Resources
Rakesh Nayudu
Capital Goods
Avinash Ranjan
Telecom Services
Soumitra Chatterjee
Pharmaceuticals & HealthcareRakesh Nayudu
Capital Goods
Aniket Mhatre
Pharmaceuticals & HealthcareRakesh Nayudu
Financial Services
Hitesh Gulati
Financial Services
Hitesh Gulati
Pharmaceuticals & HealthcareRakesh Nayudu
Basic Resources
Rakesh Nayudu
Banks
Hitesh Gulati
Financial Services
Hitesh Gulati
Pharmaceuticals & HealthcareRakesh Nayudu
Technology
Soumitra Chatterjee
Financial Services
Hitesh Gulati
Capital Goods
Aniket Mhatre
Banks
Hitesh Gulati
Construction & Building MaterAnshuman Atri
Basic Resources
Rakesh Nayudu
Pharmaceuticals & HealthcareRakesh Nayudu
Construction & Building MaterAvinash Ranjan
Capital Goods
Avinash Ranjan
Technology
Soumitra Chatterjee
Banks
Hitesh Gulati
Financial Services
Hitesh Gulati
Capital Goods
Aniket Mhatre
Technology
Soumitra Chatterjee
Basic Resources
Anshuman Atri
Basic Resources
Anshuman Atri
Banks
Hitesh Gulati
Telecom Services
Soumitra Chatterjee
Page 3 of 9
FV
Up/Dn
Rating
Ccy
Market Capitalisation (m)
Local
EUR
USD
Ticker
BESI Global Coverage
Company
Ticker
India Infoline
IIFL IN
IndusInd Bank
IIB IN
Infosys
INFO IN
Infrastructure Development FinaIDFC IN
ING Vysya Bank
VYSB IN
Inox Leisure
INOL IN
Jindal Steel & Power
JSP IN
JK Cement
JKCE IN
JSW Steel
JSTL IN
Kotak Mahindra Bank
KMB IN
KPIT Cummins
KPIT IN
L&T Finance
LTFH IN
Larsen & Toubro
LT IN
LIC Housing Finance
LICHF IN
Lupin
LPC IN
Mahindra & Mahindra
MMFS IN
Max India
MAX IN
MindTree
MTCL IN
Motherson Sumi
MSS IN
Motilal Oswal
MOFS IN
MphasiS
MPHL IN
Navneet Education
NELI IN
NIIT
NIIT IN
NIIT Technologies
NITEC IN
NMDC
NMDC IN
Oracle Financial Services SoftwOFSS IN
Oriental Bank of Commerce
OBC IN
Persistent Systems
PSYS IN
Polaris Software
POL IN
Power Finance
POWF IN
Prism Cement
PRSC IN
Punjab National Bank
PNB IN
PVR
PVRL IN
Rallis
RALI IN
Ranbaxy Laboratories
RBXY IN
Redington
REDI IN
Reliance Capital
RCAPT IN
Rural Electrification CorporationRECL IN
SAIL
SAIL IN
Sesa Sterlite
SSLT IN
Shree Cement
SRCM IN
Shriram City Union Finance
SCUF IN
Shriram Transport Finance
SHTF IN
SKS Microfinance
SKSM IN
South Indian Bank
SIB IN
State Bank of India
SBIN IN
Sun Pharma
SUNP IN
Sun TV Network
SUNTV IN
Sundaram Finance
SUF IN
Supreme Industries
SI IN
Tata Consultancy
TCS IN
Tata Steel
TATA IN
Tech Mahindra
TECHM IN
Thermax
TMX IN
Source: Bloomberg, BESI Research
Sector
Analyst
Financial Services
Hitesh Gulati
Banks
Hitesh Gulati
Technology
Soumitra Chatterjee
Financial Services
Hitesh Gulati
Banks
Hitesh Gulati
Retail
Soumitra Chatterjee
Basic Resources
Anshuman Atri
Construction & Building MaterAnshuman Atri
Basic Resources
Anshuman Atri
Banks
Hitesh Gulati
Technology
Soumitra Chatterjee
Financial Services
Hitesh Gulati
Capital Goods
Avinash Ranjan
Financial Services
Hitesh Gulati
Pharmaceuticals & HealthcareRakesh Nayudu
Financial Services
Hitesh Gulati
Financial Services
Hitesh Gulati
Technology
Soumitra Chatterjee
Capital Goods
Aniket Mhatre
Financial Services
Hitesh Gulati
Technology
Soumitra Chatterjee
Technology
Soumitra Chatterjee
Technology
Soumitra Chatterjee
Technology
Soumitra Chatterjee
Basic Resources
Anshuman Atri
Technology
Soumitra Chatterjee
Banks
Hitesh Gulati
Technology
Soumitra Chatterjee
Technology
Soumitra Chatterjee
Financial Services
Hitesh Gulati
Construction & Building MaterAnshuman Atri
Banks
Hitesh Gulati
Retail
Soumitra Chatterjee
Basic Resources
Rakesh Nayudu
Pharmaceuticals & HealthcareRakesh Nayudu
Technology
Soumitra Chatterjee
Financial Services
Hitesh Gulati
Financial Services
Hitesh Gulati
Basic Resources
Anshuman Atri
Basic Resources
Anshuman Atri
Construction & Building MaterAnshuman Atri
Financial Services
Hitesh Gulati
Financial Services
Hitesh Gulati
Financial Services
Hitesh Gulati
Banks
Hitesh Gulati
Banks
Hitesh Gulati
Pharmaceuticals & HealthcareRakesh Nayudu
Media
Soumitra Chatterjee
Financial Services
Hitesh Gulati
Construction & Building MaterAnshuman Atri
Technology
Soumitra Chatterjee
Basic Resources
Anshuman Atri
Technology
Soumitra Chatterjee
Capital Goods
Avinash Ranjan
Email
as at 31 March 2015
SP
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Aniket.Mhatre@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
Page 4 of 9
181.2
888.0
2,228.0
168.7
937.2
169.3
155.7
668.8
912.0
1,311.9
184.7
63.0
1,728.8
444.5
1,999.0
252.5
445.6
1,316.0
499.2
281.0
379.9
104.1
36.8
349.4
129.4
3,255.2
210.0
716.7
165.5
271.4
99.3
148.6
671.5
219.8
806.7
128.4
430.0
327.4
69.0
189.2
10,752.4
1,956.5
1,120.4
455.7
24.9
267.9
1,010.8
425.0
1,579.1
705.6
2,564.2
322.4
627.0
1,098.1
FV
Up/Dn
99.0 -45.0%
905.0
2.0%
2,350.0
5.0%
143.0 -15.0%
1,015.0
8.0%
220.0 30.0%
208.0 34.0%
914.0 37.0%
1,579.0 73.0%
1,415.0
8.0%
155.0 -16.0%
61.0
-3.0%
1,550.0 -10.0%
390.0 -12.0%
1,760.0 -12.0%
352.0 39.0%
568.0 27.0%
675.0 -49.0%
498.0
-0.0%
150.0 -47.0%
450.0 18.0%
105.0
1.0%
45.0 22.0%
300.0 -14.0%
159.0 23.0%
2,750.0 -16.0%
200.0
-5.0%
740.0
3.0%
233.0 41.0%
300.0 11.0%
125.0 26.0%
584.0 293.0%
815.0 21.0%
245.0 11.0%
480.0 -40.0%
120.0
-7.0%
698.0 62.0%
310.0
-5.0%
58.0 -16.0%
310.0 64.0%
10,059.0
-6.0%
1,700.0 -13.0%
1,200.0
7.0%
375.0 -18.0%
33.0 33.0%
1,876.0 600.0%
600.0 -41.0%
460.0
8.0%
1,475.0
-7.0%
804.0 14.0%
2,750.0
7.0%
626.0 94.0%
787.5 26.0%
880.0 -20.0%
Rating
Buy
Buy
Buy
Neutral
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Sell
Neutral
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Neutral
Buy
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Buy
Sell
Sell
Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Neutral
Ccy
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
Market Capitalisation (m)
Local
EUR
USD
53,523
465,410
1,279,398
255,770
175,696
16,330
145,555
46,756
220,450
1,007,820
35,714
108,167
1,599,537
224,323
895,598
143,585
118,488
110,169
293,439
40,811
79,817
24,798
6,076
21,161
513,034
273,751
61,270
57,336
16,464
358,192
49,958
52,508
27,798
42,744
341,317
51,247
105,610
323,245
284,975
560,768
374,584
115,952
254,188
49,313
33,389
183,253
2,093,470
167,466
175,439
89,624
5,018,608
313,120
602,277
130,840
790
6,866
18,875
3,773
2,592
241
2,147
690
3,252
14,868
527
1,596
23,598
3,309
13,213
2,118
1,748
1,625
4,329
602
1,178
366
90
312
7,569
4,039
904
846
243
5,284
737
775
410
631
5,035
756
1,558
4,769
4,204
8,273
5,526
1,711
3,750
728
493
2,704
30,885
2,471
2,588
1,322
74,039
4,619
8,885
1,930
855
7,435
20,440
4,086
2,807
261
2,325
747
3,522
16,101
571
1,728
25,554
3,584
14,308
2,294
1,893
1,760
4,688
652
1,275
396
97
338
8,196
4,373
979
916
263
5,722
798
839
444
683
5,453
819
1,687
5,164
4,553
8,959
5,984
1,852
4,061
788
533
2,928
33,445
2,675
2,803
1,432
80,177
5,002
9,622
2,090
BESI Global Coverage
Company
Ticker
Sector
UTCEM IN
UNBK IN
VGRD IN
VOLT IN
WPRO IN
YES IN
Z IN
Construction & Building MaterAnshuman Atri
Banks
Hitesh Gulati
Capital Goods
Avinash Ranjan
Capital Goods
Avinash Ranjan
Technology
Soumitra Chatterjee
Banks
Hitesh Gulati
Media
Soumitra Chatterjee
anshuman.atri@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Italy
Finmeccanica
Prysmian Spa
Telecom Italia
FNC IM
PRY IM
TIT IM
Aerospace and Defence
Capital Goods
Telecom Services
edward.stacey@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
nmatias@espiritosantoib.pt
11.2
19.3
1.1
Netherlands
Heineken
KPN
Mota-Engil Africa
Philips
HEIA NA
KPN NA
MEAFR NA
PHIA NA
Food, Beverage and HPC
Stephanie Barsdorf
Telecom Services
Andrew Hogley
Construction & Building MaterNuno Estácio
Capital Goods
Nick Wilson
stephanie.barsdorf@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
nestacio@espiritosantoib.pt
nick.wilson@espiritosantoib.co.uk
Norway
Telenor
TEL NO
Telecom Services
Poland
Agora
Alior Bank
Alumetal
Asseco Poland
Bank Handlowy
Bank Millennium
Bank Pekao
Budimex
BZ WBK
Capital Park
CCC
Cyfrowy Polsat
Dom Development
Echo Investment
Elektrobudowa
Emperia
ENEA
Energa
Eurocash
Famur
Getin Holding
Getin Noble Bank
Global City
Globe Trade Centre
Grupa Azoty
Grupa Azoty Police
Grupa Azoty Pulawy
Grupa Lotos
ING BSK
JSW
KGHM Polska Miedz
AGO PW
ALR PW
AML PW
ACP PW
BHW PW
MIL PW
PEO PW
BDX PW
BZW PW
CPG PW
CCC PW
CPS PW
DOM PW
ECH PW
ELB PW
EMP PW
ENA PW
ENG PW
EUR PW
FMF PW
GTN PW
GNB PW
GCH PW
GTC PW
ATT PW
PCE PW
ZAP PW
LTS PW
ING PW
JSW PW
KGH PW
Media
Konrad Ksiezopolski
Banks
Kamil Stolarski, CFA
Basic Resources
Konrad Strzeszewski
Technology
Konrad Ksiezopolski
Banks
Kamil Stolarski, CFA
Banks
Kamil Stolarski, CFA
Banks
Kamil Stolarski, CFA
Construction & Building MaterKonrad Strzeszewski
Banks
Kamil Stolarski, CFA
Financial Services
Cezary Bernatek
Retail
Maria Mickiewicz
Media
Konrad Ksiezopolski
Real Estate
Cezary Bernatek
Financial Services
Cezary Bernatek
Construction & Building MaterKonrad Strzeszewski
Retail
Maria Mickiewicz
Utilities
Maria Mickiewicz
Utilities
Maria Mickiewicz
Retail
Maria Mickiewicz
Capital Goods
Wojciech Kozlowski
Technology
Lukasz Janczak
Banks
Kamil Stolarski, CFA
Media
Konrad Ksiezopolski
Real Estate
Cezary Bernatek
Basic Resources
Wojciech Kozlowski
Basic Resources
Wojciech Kozlowski
Basic Resources
Wojciech Kozlowski
Oil & Gas
Wojciech Kozlowski
Banks
Kamil Stolarski, CFA
Basic Resources
Konrad Ksiezopolski
Basic Resources
Nick Mellor
Ultratech Cements
Union Bank of India
V-Guard Industries
Voltas
Wipro
Yes Bank
Zee Entertainment
Source: Bloomberg, BESI Research
Analyst
Edward Stacey, CFA
Nick Wilson
Nuno Matias
Andrew Hogley
Email
as at 31 March 2015
SP
FV
Rating
Ccy
Market Capitalisation (m)
Local
EUR
USD
24.0%
-41.0%
17.0%
7.0%
4.0%
-30.0%
-9.0%
Buy
Sell
Buy
Buy
Buy
Neutral
Sell
INR
INR
INR
INR
INR
INR
INR
807,302
95,159
27,178
92,631
1,536,736
296,617
328,653
11,910
1,404
401
1,367
22,671
4,376
4,849
12,897
1,520
434
1,480
24,551
4,739
5,251
7.1
14.2
1.3
-36.0%
-26.0%
14.0%
Neutral
Neutral
Buy
EUR
EUR
EUR
6,446
4,144
19,965
6,446
4,144
19,965
6,981
4,487
21,620
72.3
3.3
7.7
26.6
50.1
2.0
11.0
21.0
-31.0%
-41.0%
43.0%
-21.0%
Neutral
Sell
Neutral
Neutral
EUR
EUR
EUR
EUR
41,639
14,015
770
24,970
41,639
14,015
770
24,970
45,091
15,177
834
27,040
andrew.hogley@espiritosantoib.co.uk
164.0
150.0
-9.0%
Neutral
NOK
248,726
28,642
31,016
kksiezopolski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kstrzeszewski@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kstrzeszewski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
cbernatek@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
cbernatek@espiritosantoib.pl
cbernatek@espiritosantoib.pl
kstrzeszewski@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
ljanczak@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
cbernatek@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
nick.mellor@espiritosantoib.co.uk
10.2
85.0
54.7
59.5
109.0
6.6
184.0
162.0
343.2
4.5
181.0
25.2
47.0
6.6
107.0
63.5
16.7
25.4
32.5
3.1
2.1
1.7
40.5
5.5
82.2
23.6
147.1
27.1
135.6
17.9
121.9
10.3
1.0%
67.2 -21.0%
47.6 -13.0%
60.0
1.0%
112.0
3.0%
9.2 39.0%
200.0
9.0%
156.3
-4.0%
370.0
8.0%
6.9 55.0%
140.0 -23.0%
29.1 16.0%
47.1
7.0
6.0%
102.9
-4.0%
55.0 -13.0%
18.3
9.0%
28.6 13.0%
35.1
8.0%
6.6 114.0%
2.5 18.0%
2.0 20.0%
33.4 -18.0%
5.0 -10.0%
85.6
4.0%
21.1 -11.0%
156.0
6.0%
54.1 100.0%
163.0 20.0%
27.2 52.0%
156.7 29.0%
Buy
Sell
Buy
Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Sell
Buy
Sell
Sell
Neutral
Neutral
Buy
Sell
Neutral
Buy
Buy
Sell
Buy
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
517
5,401
825
4,939
14,242
8,055
48,294
4,136
32,105
466
6,950
8,775
1,163
2,772
508
960
7,385
10,522
4,498
1,473
1,521
4,399
2,074
1,760
8,149
1,770
2,812
5,010
17,642
2,100
24,380
126
1,321
202
1,208
3,483
1,970
11,809
1,011
7,851
114
1,700
2,146
284
678
124
235
1,806
2,573
1,100
360
372
1,076
507
430
1,993
433
688
1,225
4,314
514
5,962
137
1,430
218
1,308
3,771
2,133
12,788
1,095
8,501
123
1,840
2,324
308
734
135
254
1,956
2,786
1,191
390
403
1,165
549
466
2,158
469
745
1,327
4,671
556
6,456
Page 5 of 9
2,944.1 3,660.0
159.5
94.0
910.6 1,065.0
280.0
300.0
623.4
650.0
823.0
580.0
342.4
310.0
Up/Dn
BESI Global Coverage
Company
Ticker
Sector
KRI PW
KRU PW
LCC PW
LPP PW
LWB PW
MAG PW
MBK PW
NET PW
OPF PW
OPL PW
PGE PW
PGN PW
PKN PW
PKO PW
PKP PW
PCM PW
PZU PW
ROB PW
RON PW
SKH PW
SGN PW
SNS PW
TPE PW
TRK PW
TVN PW
GPW PW
Financial Services
Lukasz Janczak
Financial Services
Lukasz Janczak
Real Estate
Cezary Bernatek
Retail
Maria Mickiewicz
Basic Resources
Konrad Ksiezopolski
Financial Services
Lukasz Janczak
Banks
Kamil Stolarski, CFA
Telecom Services
Konrad Ksiezopolski
Financial Services
Lukasz Janczak
Telecom Services
Konrad Ksiezopolski
Utilities
Maria Mickiewicz
Oil & Gas
Lukasz Janczak
Oil & Gas
Wojciech Kozlowski
Banks
Kamil Stolarski, CFA
Transport & Logistics
Cezary Bernatek
Capital Goods
Lukasz Janczak
Insurance
Kamil Stolarski, CFA
Real Estate
Cezary Bernatek
Real Estate
Cezary Bernatek
Financial Services
Lukasz Janczak
Technology
Konrad Ksiezopolski
Basic Resources
Wojciech Kozlowski
Utilities
Maria Mickiewicz
Construction & Building MaterKonrad Strzeszewski
Media
Konrad Ksiezopolski
Financial Services
Lukasz Janczak
ljanczak@espiritosantoib.pl
ljanczak@espiritosantoib.pl
cbernatek@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
ljanczak@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
ljanczak@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
ljanczak@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
cbernatek@espiritosantoib.pl
ljanczak@espiritosantoib.pl
kstolarski@espiritosantoib.pl
cbernatek@espiritosantoib.pl
cbernatek@espiritosantoib.pl
ljanczak@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
kstrzeszewski@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
ljanczak@espiritosantoib.pl
Portugal
Altri
BCP
BPI
CTT
EDP
Galp Energia
Ibersol
Jerónimo Martins
Mota-Engil
NOS
Portucel
REN
Semapa
Sonae
Sonae Indústria
Sonaecom
ALTR PL
BCP PL
BPI PL
CTT PL
EDP PL
GALP PL
IBS PL
JMT PL
EGL PL
NOS PL
PTI PL
RENE PL
SEM PL
SON PL
SONI PL
SNC PL
Basic Resources
Nuno Estácio
Banks
Juan Carlos Calvo
Banks
Juan Carlos Calvo
Support Services
Nuno Estácio
Utilities
Felipe Echevarria, CFA
Oil & Gas
Filipe Rosa
Travel & Leisure
Nuno Estácio
Retail
Filipe Rosa
Construction & Building MaterNuno Estácio
Telecom Services
Nuno Matias
Basic Resources
Nuno Estácio
Utilities
Felipe Echevarria, CFA
Basic Resources
Nuno Estácio
Retail
Filipe Rosa
Construction & Building MaterNuno Estácio
Telecom Services
Miguel Borrega
nestacio@espiritosantoib.pt
jccalvo@espiritosantoib.es
jccalvo@espiritosantoib.es
nestacio@espiritosantoib.pt
fechevarria@espiritosantoib.es
frosa@espiritosantoib.pt
nestacio@espiritosantoib.pt
frosa@espiritosantoib.pt
nestacio@espiritosantoib.pt
nmatias@espiritosantoib.pt
nestacio@espiritosantoib.pt
fechevarria@espiritosantoib.es
nestacio@espiritosantoib.pt
frosa@espiritosantoib.pt
nestacio@espiritosantoib.pt
mborrega@espiritosantoib.pt
4.0
0.1
1.5
9.9
3.6
10.3
8.0
11.7
3.5
6.7
4.2
2.7
12.5
1.4
0.0
2.2
3.5
0.1
1.0
10.5
3.6
12.4
12.7
10.0
4.0
7.1
4.4
2.8
18.0
1.7
Spain
Abengoa (B)
Abertis
Acciona
Acerinox
ACS
Amadeus
Applus Services
Atresmedia
ABG/P SM
ABE SM
ANA SM
ACX SM
ACS SM
AMS SM
APPS SM
A3M SM
Construction & Building MaterNuno Estácio
Construction & Building MaterJuan Carlos Calvo
Utilities
Felipe Echevarria, CFA
Basic Resources
Jaime Escribano
Construction & Building MaterJuan Carlos Calvo
Technology
Nuno Estácio
Support Services
Jaime Escribano
Media
Nuno Estácio
nestacio@espiritosantoib.pt
jccalvo@espiritosantoib.es
fechevarria@espiritosantoib.es
jescribano@espiritosantoib.es
jccalvo@espiritosantoib.es
nestacio@espiritosantoib.pt
jescribano@espiritosantoib.es
nestacio@espiritosantoib.pt
3.4
16.9
72.5
15.7
33.1
40.1
10.6
14.1
4.5
14.8
71.0
17.8
34.2
34.0
10.5
13.9
Kredyt Inkaso
KRUK
LC Corp
LPP
LW Bogdanka
Magellan
mBank
Netia
Open Finance
Orange Polska
PGE
PGNiG
PKN Orlen
PKO BP
PKP Cargo
Prime Car Management
PZU
Robyg
Ronson
Skarbiec Holding
Sygnity
Synthos
Tauron
Trakcja
TVN
Warsaw Stock Exchange
Source: Bloomberg, BESI Research
Analyst
Email
as at 31 March 2015
SP
Page 6 of 9
FV
26.0
27.7
135.5
112.3
2.0
2.1
7,100.0 7,520.0
83.6
133.0
70.0
82.8
437.7
510.0
5.9
5.6
6.0
3.9
9.5
8.0
20.9
20.8
5.5
4.9
59.1
45.7
33.6
38.0
88.4
98.9
52.0
62.0
486.6
500.0
2.3
2.9
1.4
1.8
43.7
53.0
13.2
23.8
4.5
6.0
4.5
5.0
10.2
8.0
17.0
17.9
48.3
56.4
2.4
Up/Dn
6.0%
-17.0%
3.0%
6.0%
59.0%
18.0%
17.0%
-5.0%
-35.0%
-16.0%
-0.0%
-11.0%
-23.0%
13.0%
12.0%
19.0%
3.0%
29.0%
30.0%
21.0%
81.0%
32.0%
11.0%
-21.0%
5.0%
17.0%
Rating
Ccy
Market Capitalisation (m)
Local
EUR
USD
Buy
Buy
Buy
Sell
Buy
Buy
Neutral
Neutral
Sell
Sell
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Neutral
Neutral
Buy
Buy
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
336
2,298
891
13,001
2,844
470
18,473
2,279
325
12,467
39,078
32,273
25,256
41,938
3,959
619
42,015
595
368
298
157
5,994
7,869
523
5,845
2,025
82
562
218
3,179
695
115
4,517
557
79
3,049
9,556
7,892
6,176
10,255
968
151
10,274
145
90
73
38
1,466
1,924
128
1,429
495
89
608
236
3,443
753
124
4,892
603
86
3,301
10,348
8,546
6,688
11,105
1,048
164
11,125
158
97
79
41
1,587
2,084
138
1,548
536
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Under review
10.0%
Buy
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
821
1,888
2,025
1,491
13,021
8,545
159
7,360
712
3,452
3,189
1,463
1,480
2,852
1
788
821
1,888
2,025
1,491
13,021
8,545
159
7,360
712
3,452
3,189
1,463
1,480
2,852
1
788
889
2,044
2,193
1,615
14,100
9,254
172
7,970
771
3,738
3,453
1,584
1,603
3,088
1
853
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
1,842
14,441
4,149
4,044
10,425
17,968
1,379
3,157
1,842
14,441
4,149
4,044
10,425
17,968
1,379
3,157
1,995
15,639
4,493
4,379
11,289
19,458
1,494
3,419
-13.0%
4.0%
-31.0%
6.0%
1.0%
20.0%
60.0%
-14.0%
15.0%
6.0%
6.0%
44.0%
16.0%
33.0%
-13.0%
-2.0%
13.0%
3.0%
-15.0%
-1.0%
-1.0%
Buy
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Buy
BESI Global Coverage
Company
Ticker
Sector
Analyst
Email
Banco Popular
Banco Sabadell
Bankia
Bankinter
BBVA
BME
CaixaBank
Cie Automotive
Deoleo
DIA
Ebro Foods
EDP Renovaveis
Enagas
Ence
Endesa
FCC
Ferrovial
Gas Natural
Grifols
Iberdrola
Inditex
Indra
Jazztel
Liberbank
Mediaset España
OHL
Prosegur
Red Eléctrica
Repsol
Sacyr
Santander
Tecnicas Reunidas
Telefónica
Vidrala
Viscofan
POP SM
SAB SM
BKIA SM
BKT SM
BBVA SM
BME SM
CABK SM
CIE SM
OLE SM
DIA SM
EBRO SM
EDPR PL
ENG SM
ENC SM
ELE SM
FCC SM
FER SM
GAS SM
GRF SM
IBE SM
ITX SM
IDR SM
JAZ SM
LBK SM
TL5 SM
OHL SM
PSG SM
REE SM
REP SM
SCYR SM
SAN SM
TRE SM
TEF SM
VID SM
VIS SM
Banks
Juan Carlos Calvo
jccalvo@espiritosantoib.es
Banks
Juan Carlos Calvo
jccalvo@espiritosantoib.es
Banks
Juan Carlos Calvo
jccalvo@espiritosantoib.es
Banks
Juan Carlos Calvo
jccalvo@espiritosantoib.es
Banks
Juan Carlos Calvo
jccalvo@espiritosantoib.es
Financial Services
Juan Carlos Calvo
jccalvo@espiritosantoib.es
Banks
Juan Carlos Calvo
jccalvo@espiritosantoib.es
Capital Goods
Jaime Escribano
jescribano@espiritosantoib.es
Food, Beverage and HPC
Nuno Estácio
nestacio@espiritosantoib.pt
Retail
Filipe Rosa
frosa@espiritosantoib.pt
Food, Beverage and HPC
Nuno Estácio
nestacio@espiritosantoib.pt
Utilities
Felipe Echevarria, CFA fechevarria@espiritosantoib.es
Utilities
Felipe Echevarria, CFA fechevarria@espiritosantoib.es
Basic Resources
Nuno Estácio
nestacio@espiritosantoib.pt
Utilities
Felipe Echevarria, CFA fechevarria@espiritosantoib.es
Construction & Building MaterMiguel Borrega
mborrega@espiritosantoib.pt
Construction & Building MaterJuan Carlos Calvo
jccalvo@espiritosantoib.es
Utilities
Felipe Echevarria, CFA fechevarria@espiritosantoib.es
Pharmaceuticals & HealthcareJaime Escribano
jescribano@espiritosantoib.es
Utilities
Felipe Echevarria, CFA fechevarria@espiritosantoib.es
Retail
Filipe Rosa
frosa@espiritosantoib.pt
Technology
Nuno Estácio
nestacio@espiritosantoib.pt
Telecom Services
Nuno Matias
nmatias@espiritosantoib.pt
Banks
Juan Carlos Calvo
jccalvo@espiritosantoib.es
Media
Nuno Estácio
nestacio@espiritosantoib.pt
Construction & Building MaterAlmudena González de C agonzalezc@espiritosantoib.es
Support Services
Nuno Estácio
nestacio@espiritosantoib.pt
Utilities
Felipe Echevarria, CFA fechevarria@espiritosantoib.es
Oil & Gas
Filipe Rosa
frosa@espiritosantoib.pt
Construction & Building MaterMiguel Borrega
mborrega@espiritosantoib.pt
Banks
Juan Carlos Calvo
jccalvo@espiritosantoib.es
Construction & Building MaterNuno Estácio
nestacio@espiritosantoib.pt
Telecom Services
Nuno Matias
nmatias@espiritosantoib.pt
Construction & Building MaterNuno Estácio
nestacio@espiritosantoib.pt
Food, Beverage and HPC
Nuno Estácio
nestacio@espiritosantoib.pt
Sweden
Alfa Laval
Assa Abloy
Atlas Copco
H&M
Lundin Mining (SE)
Sandvik
SKF
Tele2
TeliaSonera
ALFA SS
ASSAB SS
ATCOA SS
HMB SS
LUMI SS
SAND SS
SKFB SS
TEL2B SS
TLSN SS
Capital Goods
Capital Goods
Capital Goods
Retail
Basic Resources
Capital Goods
Capital Goods
Telecom Services
Telecom Services
Nick Wilson
Nick Wilson
Nick Wilson
Filipe Rosa
Nick Mellor
Nick Wilson
Nick Wilson
Andrew Hogley
Andrew Hogley
Switzerland
ABB
Credit Suisse
Swisscom
UBS
ABBN VX
CSGN VX
SCMN VX
UBSN SW
Capital Goods
Banks
Telecom Services
Banks
Nick Wilson
Shailesh Raikundlia
Andrew Hogley
Shailesh Raikundlia
SP
FV
Up/Dn
Rating
Ccy
Market Capitalisation (m)
Local
EUR
USD
4.6
2.3
1.3
7.2
9.4
41.2
4.4
13.8
0.4
7.1
17.7
6.4
27.0
3.4
18.0
11.4
19.5
21.3
40.0
6.0
29.8
11.0
12.7
0.7
11.6
20.0
5.2
76.3
17.4
4.0
7.0
39.5
13.3
45.5
57.5
3.5
2.0
1.2
5.7
10.0
38.3
5.0
14.8
0.4
5.8
19.0
6.8
21.0
3.0
16.0
11.2
17.1
19.0
32.9
6.2
29.6
9.6
13.0
0.8
11.8
21.0
5.0
65.1
23.0
4.5
6.5
39.0
12.1
37.0
57.0
-24.0%
-12.0%
-8.0%
-21.0%
6.0%
-7.0%
13.0%
7.0%
-4.0%
-18.0%
8.0%
6.0%
-22.0%
-12.0%
-11.0%
-2.0%
-12.0%
-11.0%
-18.0%
3.0%
-1.0%
-13.0%
3.0%
7.0%
1.0%
5.0%
-4.0%
-15.0%
32.0%
14.0%
-7.0%
-1.0%
-9.0%
-19.0%
-1.0%
Sell
Sell
Neutral
Sell
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Sell
Buy
Buy
Neutral
Neutral
Sell
Sell
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral
Sell
Buy
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
7,937
9,116
15,099
6,303
53,866
3,441
21,348
1,782
491
4,616
2,718
5,573
6,452
853
19,031
1,456
14,281
21,350
12,576
37,496
92,939
1,809
3,172
1,081
4,734
1,995
3,215
10,327
22,722
1,841
77,456
2,206
60,620
1,091
2,680
7,937
9,116
15,099
6,303
53,866
3,441
21,348
1,782
491
4,616
2,718
5,573
6,452
853
19,031
1,456
14,281
21,350
12,576
37,496
92,939
1,809
3,172
1,081
4,734
1,995
3,215
10,327
22,722
1,841
77,456
2,206
60,620
1,091
2,680
8,595
9,872
16,351
6,826
58,331
3,726
23,118
1,930
531
4,999
2,943
6,035
6,987
924
20,609
1,577
15,465
23,120
13,619
40,604
100,643
1,959
3,435
1,171
5,126
2,160
3,482
11,183
24,605
1,993
83,877
2,389
65,645
1,181
2,902
nick.wilson@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
frosa@espiritosantoib.pt
nick.mellor@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
171.2
517.5
284.9
348.6
35.4
97.9
225.6
104.1
55.0
175.0
565.0
229.0
335.0
20.6
65.0
150.0
85.0
38.0
2.0%
9.0%
-20.0%
-4.0%
-42.0%
-34.0%
-34.0%
-18.0%
-31.0%
Buy
Buy
Sell
Neutral
Sell
Sell
Sell
Sell
Sell
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
71,811
191,919
340,756
576,958
20,671
122,804
102,704
46,634
238,155
7,711
20,609
36,591
61,955
2,220
13,187
11,029
5,008
25,574
8,350
22,317
39,625
67,091
2,404
14,280
11,943
5,423
27,694
nick.wilson@espiritosantoib.co.uk
shailesh.raikundlia@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
shailesh.raikundlia@espiritosantoib.co.uk
20.8
26.1
571.5
18.6
18.9
25.7
405.0
23.4
-9.0%
-2.0%
-29.0%
26.0%
Neutral
Neutral
Sell
Buy
CHF
CHF
CHF
CHF
48,124
41,180
29,605
71,317
45,915
39,290
28,246
68,044
49,721
42,548
30,588
73,684
United Kingdom
Source: Bloomberg, BESI Research
as at 31 March 2015
Page 7 of 9
BESI Global Coverage
Company
Ticker
4imprint
FOUR LN
Amlin
AML LN
Anglo American
AAL LN
Anglo Platinum
AMS SJ
Antofagasta
ANTO LN
BAE Systems
BA/ LN
Barclays
BARC LN
Beazley
BEZ LN
BHP Billiton
BLT LN
BT
BT/A LN
Burford Capital Ltd
BUR LN
Cable & Wireless CommunicatioCWC LN
Catlin
CGL LN
Chemring
CHG LN
Cobham
COB LN
Debenhams
DEB LN
Diageo
DGE LN
Fenner
FENR LN
First Quantum
FQM LN
GKN
GKN LN
Hiscox
HSX LN
Home Retail Group
HOME LN
Howden Joinery Group
HWDN LN
HSBC
HSBA LN
IMI
IMI LN
Just Retirement
JRG LN
Kcom Group
KCOM LN
Kingfisher
KGF LN
Kumba Iron Ore
KIO SJ
Lancashire
LRE LN
Liberty Global A
LBTYA US
Lloyds Banking Group
LLOY LN
Marks & Spencer
MKS LN
Meggitt
MGGT LN
Morrisons
MRW LN
NAHL Group
NAH LN
Next
NXT LN
Novae
NVA LN
QinetiQ
QQ/ LN
Rio Tinto
RIO LN
Rolls-Royce
RR/ LN
Rotork
ROR LN
Royal Bank of Scotland
RBS LN
SAB Miller
SAB LN
Sainsbury
SBRY LN
Senior
SNR LN
Sky
SKY LN
Smiths Group
SMIN LN
Sports Direct
SPD LN
Standard Chartered
STAN LN
SVG Capital
SVI LN
TalkTalk Group
TALK LN
Ted Baker
TED LN
Tesco
TSCO LN
Source: Bloomberg, BESI Research
Sector
Analyst
Email
Support Services
Insurance
Basic Resources
Basic Resources
Basic Resources
Aerospace and Defence
Banks
Insurance
Basic Resources
Telecom Services
Financial Services
Telecom Services
Insurance
Aerospace and Defence
Aerospace and Defence
Retail
Food, Beverage and HPC
Capital Goods
Basic Resources
Capital Goods
Insurance
Retail
Retail
Banks
Capital Goods
Financial Services
Telecom Services
Retail
Basic Resources
Insurance
Telecom Services
Banks
Retail
Aerospace and Defence
Retail
Support Services
Retail
Insurance
Aerospace and Defence
Basic Resources
Aerospace and Defence
Capital Goods
Banks
Food, Beverage and HPC
Retail
Capital Goods
Telecom Services
Capital Goods
Retail
Banks
Financial Services
Telecom Services
Retail
Retail
Ben Hunt, CFA
ben.hunt@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Edward Stacey, CFA
edward.stacey@espiritosantoib.co.uk
Shailesh Raikundlia
shailesh.raikundlia@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Edward Stacey, CFA
edward.stacey@espiritosantoib.co.uk
Edward Stacey, CFA
edward.stacey@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Stephanie Barsdorf
stephanie.barsdorf@espiritosantoib.co.uk
Nick Wilson
nick.wilson@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Nick Wilson
nick.wilson@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Shailesh Raikundlia
shailesh.raikundlia@espiritosantoib.co.uk
Nick Wilson
nick.wilson@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
Shailesh Raikundlia
shailesh.raikundlia@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Edward Stacey, CFA
edward.stacey@espiritosantoib.co.uk
Rickin Thakrar
rickin.thakrar@espiritosantoib.co.uk
Shailesh Raikundlia
shailesh.raikundlia@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Edward Stacey, CFA
edward.stacey@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Edward Stacey, CFA
edward.stacey@espiritosantoib.co.uk
Nick Wilson
nick.wilson@espiritosantoib.co.uk
Shailesh Raikundlia
shailesh.raikundlia@espiritosantoib.co.uk
Stephanie Barsdorf
stephanie.barsdorf@espiritosantoib.co.uk
Rickin Thakrar
rickin.thakrar@espiritosantoib.co.uk
Nick Wilson
nick.wilson@espiritosantoib.co.uk
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
Nick Wilson
nick.wilson@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Shailesh Raikundlia
shailesh.raikundlia@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Rickin Thakrar
rickin.thakrar@espiritosantoib.co.uk
Page 8 of 9
as at 31 March 2015
SP
FV
1,045.0
512.0
1,060.0
30,251.0
739.5
526.5
247.8
289.3
1,512.0
448.3
145.5
60.0
712.0
215.3
303.7
77.5
1,902.0
200.0
792.0
364.4
850.5
167.8
449.6
583.3
1,296.0
166.3
92.0
364.8
15,556.0
626.0
51.7
79.4
538.0
563.0
196.4
267.5
7,100.0
714.0
191.1
2,816.5
961.5
2,459.0
347.1
3,605.5
261.8
318.7
1,005.0
1,129.0
615.0
1,120.0
503.0
343.2
2,537.0
241.0
850.0
483.3
1,438.4
15,258.0
830.0
615.0
325.0
282.7
2,003.2
525.0
149.3
50.0
609.6
225.0
290.0
110.0
2,070.0
208.0
1,560.0
365.0
673.3
185.0
240.0
770.0
1,295.0
237.3
105.0
270.0
22,125.0
780.0
53.5
72.0
550.0
520.0
230.0
343.4
5,500.0
572.5
250.0
4,010.0
1,110.0
2,550.0
385.0
3,310.0
235.0
390.0
980.0
1,044.0
850.0
1,150.0
588.0
410.0
2,000.0
265.0
Up/Dn
-19.0%
-6.0%
36.0%
-50.0%
12.0%
17.0%
31.0%
-2.0%
32.0%
17.0%
3.0%
-17.0%
-14.0%
5.0%
-5.0%
42.0%
9.0%
4.0%
97.0%
-21.0%
10.0%
-47.0%
32.0%
-0.0%
43.0%
14.0%
-26.0%
42.0%
25.0%
4.0%
-9.0%
2.0%
-8.0%
17.0%
28.0%
-23.0%
-20.0%
31.0%
42.0%
15.0%
4.0%
11.0%
-8.0%
-10.0%
22.0%
-2.0%
-8.0%
38.0%
3.0%
17.0%
19.0%
-21.0%
10.0%
Rating
Buy
Neutral
Neutral
Sell
Neutral
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Sell
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Buy
Neutral
Sell
Buy
Sell
Neutral
Buy
Buy
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Sell
Buy
Buy
Buy
Buy
Buy
Neutral
Ccy
Market Capitalisation (m)
Local
EUR
USD
GBp
GBp
GBp
ZAR
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
ZAR
GBp
USD
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
280
2,561
14,778
81,581
7,290
16,984
39,885
1,507
80,495
35,459
298
1,517
2,577
416
3,276
952
47,738
388
4,679
5,975
3,011
1,365
2,890
109,349
4,087
833
475
8,656
50,104
1,138
19,765
55,910
8,694
4,451
4,584
110
11,063
460
1,262
52,059
18,079
2,135
39,096
57,836
4,978
1,326
17,276
4,450
3,681
27,152
1,214
3,195
1,086
19,476
382
3,500
20,197
6,208
9,964
23,212
54,511
2,060
110,013
48,462
407
2,073
3,522
569
4,477
1,302
65,243
530
6,395
8,167
4,115
1,865
3,950
149,448
5,585
1,138
650
11,831
3,813
1,555
18,252
76,412
11,883
6,084
6,265
150
15,120
629
1,725
71,149
24,708
2,918
53,433
79,045
6,803
1,812
23,611
6,082
5,030
37,109
1,659
4,367
1,485
26,618
414
3,791
21,871
6,723
10,790
25,136
59,029
2,231
119,133
52,479
440
2,245
3,813
616
4,848
1,409
70,652
574
6,926
8,844
4,456
2,020
4,277
161,837
6,049
1,233
703
12,811
4,129
1,684
19,765
82,746
12,868
6,588
6,785
163
16,374
681
1,868
77,047
26,757
3,159
57,863
85,598
7,367
1,962
25,568
6,586
5,447
40,185
1,796
4,729
1,608
28,825
BESI Global Coverage
Company
Ultra Electronics
Vedanta Resources
Vodafone
Weir Group
Ticker
Sector
Analyst
Email
ULE LN
VED LN
VOD LN
WEIR LN
Aerospace and Defence
Basic Resources
Telecom Services
Capital Goods
Edward Stacey, CFA
Anshuman Atri
Andrew Hogley
Nick Wilson
edward.stacey@espiritosantoib.co.uk
anshuman.atri@espiritosantoib.co.in
andrew.hogley@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
Source: Bloomberg, BESI Research
as at 31 March 2015
SP
Page 9 of 9
FV
Up/Dn
1,710.0 2,100.0 23.0%
529.0 1,233.0 133.0%
224.4
180.0 -20.0%
1,712.0 2,125.0 24.0%
Rating
Buy
Buy
Sell
Buy
Ccy
Market Capitalisation (m)
Local
EUR
USD
GBp
GBp
GBp
GBp
1,192
1,410
108,723
3,649
1,629
1,927
148,592
4,987
1,764
2,086
160,910
5,401