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Vienna Stock Exchange: Winners and Losers (2012-02-13)

Published: February 13, 2012; 11:38 · Updated: February 13; 17:59 · (Vindobona)

Daily Newsflash from Bank Austria: Upgrades and Downgrades, Winners and Losers.

Vienna Stock Exchange: Winners and Losers (2012-02-13) / Picture: © Vindobona.org

S&P confirmed rating for Bank Austria, although UniCredit, the holding company was downgraded to „BBB+“ from “A+”. The outlook is negative. Bank Austria´s rating is at “A” (long-term) and “A-1” (short term) with a negative outlook.

Berenberg Bank recommends Agrana in a sector report at Buy and gave out a price target of € 110.00. On 15.6x 2012 P/E, the food manufacturing sector trades at the high end of its range, analysts say. Despite a three-year 61% market outperformance (26% vs. the wider sector) the ingredients space has not re-rated. Analysts forecast 14% EPS growth in 2012 (9% for packaged food) and a 12% three-year CAGR (vs. 9%), but ingredients trade on a larger-than-average 15% discount. Berenberg's cautious view on food volumes drives their preference for specialty ingredients stocks with innovation exposure (KYG, GLB, Tate) vs. commodity stocks (Südzucker, Barry Callebaut), capable of delivering higher-margin sustainable growth, with better earnings visibility in a softer commodity outlook. Analyst's believe CHR’s valuation is full (20x P/E), despite its specialty focus; Agrana looks attractive (6.2x), despite its commodity focus, analysts say.

Erste Group confirmed the “Accumulate” rating for Wolford. The target price (€ 28.00) has been retained. Profits forecasts were amended, however: for 2011/12, expected EPS amount to € 1.24 (after € 1.82. For 2013, EPS reach € 1.75 (after € 1.95) and € 2.17 (after € 2.30) for 2013/14.

Best Five
Erste Group +3.40%
RBI +2.59%
Zumtobel +2.54%
Lenzing +2.45%
voestalpine +2.42%

 

Worst Five
Post -0.74%
Telekom -0.43%
VIG -0.41%
conwert -0.35%
Verbund -0.18%
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