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Vienna Stock Exchange: Winners & Losers (2011-03-02)

Published: March 3, 2011; 00:25 · (Vindobona)

Daily News-Flash from the Vienna Stock Exchange: Upgrades & Downgrades, Winners & Losers.

Vienna Stock Exchange: Winners & Losers (2011-03-02) / Picture: © Vindobona.org

LBBW raised the the target price for Strabag from € 20.00 to € 25.00 and upgrades from "Hold" to "Buy". Expected EPS: € 1.65 for 2010, €1.80 for 2011, €1.86 for 2012.

RCB lets the target price for RHI unchanged at 36.00. The recommendation "Buy" has been kept.

Vontobile confirmed the "Buy" recommendation for austriamicrosystems as well as the target price of 56.00 CHF.

RCB´s comment on Wienerberger: "Wienerberger reported FY 10 results in-line with expectations down to EBITDA. FY 10 sales amounted to € 1,744.8 m (-4.0% yoy) and compare to our estimate of € 1.76 bn. EBITDA and EBIT came in at € 210.8 m (+1.1% yoy, 12.1% margin) and € 10.7 m (-43.8% yoy, 0.6% margin) vs. our forecasts of € 209.9 m and € 18.7 m, respectively. Net income after minorities and hybrid coupon payments amounted to € -67.0 m (+76.8% yoy, RCBe: € -55.8 m) translating into EPS of € -0.57. Positive to note is the reintroduction of dividend payments at € 0.10 per share (in-line with our expectations) despite the negative EPS. Liquid funds, net gearing and the equity ratio at eop FY 10 were reported at € 539.7 m, 14.8% (WIE def.) and 62.2%, respectively. The CF from the result advanced by 188.3% yoy amounting to € 151.3 m and with a decline of working capital by € 79.1 m Operating CF came in at € 230.4 m (down 20.8% yoy), but could beat our forecast of € 190.3 m. RCB confirms the "Buy" rating as well as the target price of € 18.00.

Goldman Sachs raised the target price for Zumtobel from € 17.90 to € 20.40 and confirmed the "Neutral" rating.

Deutsche Bank retains the "Buy" rating for Kapsch TrafficCom, the target price decreases from € 84.00 to € 75.00.

Royal Bank of Scotland confirmed the "Hold" rating for Telekom Austria, the target price (€ 10.30) has been unchanged. Expected EPS: € 0.65 in 2011, € 0.76 in 2012 and € 0.84 in 2013.

Erste Group raises the target price for Andritz from € 69.50 to € 71.10. "Accumulate" has been affirmed. Expected EPS: € 3.04 for 2010, € 3.43 for 2011 and € 3.66 for 2012. Expected dividends per share for 2010 amount to € 1.52 for 2010, € 1.89 for 2011 and € 2.19 for 2012.

Today, ATX fell by 0.87% closing at 2,863.78.

Bwin +2.71%
voestalpine +1.50%
Andritz +0.77%
Post +0.16%
Mayr-Melnhof +0.10%

Worst Five

Verbund -6.38%
Intercell -3.19%
Wienerberger -3.10%
Flughafen Wien -2.45%
VIG -2.43%
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