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