Pan Europe Equity Monitor - · PDF fileAlstom Intesa Sanpaolo Royal Bank ... Thursday 09 Feb...

DISCLOSURE APPENDIX CONTAINS ANALYST CERTIFICATIONS AND THE STATUS OF NON-US ANALYSTS. FOR OTHER IMPORTANT DISCLOSURES, visit www.credit-suisse.com/ researchdisclosures or call +1 (877) 291-2683. U.S. Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

08 February 2012 Europe

Equity Research Investment Strategy (Strategy)

Pan Europe Equity Monitor DAILY

FT Europe and FT Midi This weekly publication is a forward diary of economic releases, corporate events and ex dividend schedules. We also include screens based on valuations (based on I/B/E/S consensus data), performance, geographical exposure; size ranking and volatility for the constituents of the FTEU 100 and FTEU midi indices.

Unless stated, all price performance numbers are shown relative to the FTEU 300 index (7th February closing price: 1072.79) based on closing prices on the same date.

Figure 1: FT Europe relative performance over the last month FT Europe portfolio impact over the last month

FTEU 300 relative performance over the last month FTEU 300 portfolio impact over the last month

-30 -20 -10 0 10 20 30 40 50 60 70

Tesco

Repsol Ypf

Lundin Petroleum

Carnival

Arm Holdings

Royal Dutch Shell B

Enel Green Power

Glaxosmithkline

Morrison(Wm)Spmkts.

Nokia

Edp Energias De Portugal

Novozymes

Suedzucker (Xet)

Ericsson Tel.Cl 'B'

Kpn Kon

Barclays

Deutsche Bank (Xet)

Credit Agricole

Gecina

Axa

Renault

Accor

Ing Groep

Alstom

Intesa Sanpaolo

Royal Bank Of Sctl.Gp.

Societe Generale

Erste Group Bank

Commerzbank (Xet)

Unicredit

-0.20 -0.15 -0.10 -0.05 0.00 0.05 0.10 0.15 0.20 0.25 0.30

Glaxosmithkline

Tesco

Novartis 'R'

Royal Dutch Shell B

Royal Dutch Shell A

Vodafone Group

Repsol Ypf

Statoil

Unilever (Uk)

Unilever Certs.

Roche Holding

Astrazeneca

Nokia

Tenaris

Ubs 'R'

Intesa Sanpaolo

Societe Generale

Deutsche Bank (Xet)

Axa

Allianz (Xet)

Barclays

Sap (Xet)

Ing Groep

Bmw (Xet)

Lvmh

Daimler (Xet)

Bnp Paribas

Rio Tinto

Banco Santander

Hsbc Hdg. (Ord $0.50)

Source: Thomson Reuters

Research Analysts

Andrew Garthwaite 44 20 7883 6477

[email protected]

Marina Pronina 44 20 7883 6476

[email protected]

Mark Richards 44 20 7883 6484

[email protected]

Sebastian Raedler 44 20 7888 7554

[email protected]

渐飞研究报告 - http://bg.panlv.net

08 February 2012

Pan Europe Equity Monitor 2

Table of contents Credit Suisse analysts’ corporate events calendar.................................................................. 4

Schedule of announced forthcoming FTSE 350 ex dividend data........................................... 6

Market charts ........................................................................................................................... 7

Biggest and smallest companies ............................................................................................. 8

Best and worst performers over one week .............................................................................. 9

Best and worst performers over one month........................................................................... 10

Best and worst performers over three months....................................................................... 11

Best and worst performers over twelve months..................................................................... 12

12 month relative highs and lows .......................................................................................... 13

20 day relative highs and lows............................................................................................... 14

High and low beta .................................................................................................................. 15

Highest turnover of shares traded by value ........................................................................... 16

Highest turnover of shares relative to 90 day average .......................................................... 17

High yield stocks.................................................................................................................... 18

Low P/E stocks ...................................................................................................................... 19

High P/E stocks ..................................................................................................................... 20

Best 1 month earnings breadth.............................................................................................. 21

Worst 1 month earnings breadth ........................................................................................... 22

Best 3 month earnings breadth.............................................................................................. 23

Worst 3 month earnings breadth ........................................................................................... 24

Strongest sales growth .......................................................................................................... 25

Strongest earnings growth..................................................................................................... 26

Strongest dividend growth ..................................................................................................... 27

Lowest interest cover............................................................................................................. 28

Highest interest cover ............................................................................................................ 29

Highest Operating Margins .................................................................................................... 30

Highest Net Margins .............................................................................................................. 31

Sector Performance 1 Month................................................................................................. 32

Alphabetical listing................................................................................................................. 33


08 February 2012


Ratings and target prices are consistent with the stated date of prices as they appear within this report, and therefore may differ from ratings and target prices at publishing date.


08 February 2012


Credit Suisse analysts’ corporate events calendar Date RIC Company Event Thursday 09 Feb 0DNN.L AUSTRIAN AIRLINES AG January TrafficFigures Thursday 09 Feb AAK.ST AARHUSKARLSHAMN AB Q4 2011 Earnings Release Thursday 09 Feb ADDTb.ST ADDTECH AB Q3 2011 Earnings Release Thursday 09 Feb AKA.PA AKKA TECHNOLOGIES SA Q4 2011 Sales Release Thursday 09 Feb ALGETA.OL ALGETA ASA Q4 2011 Earnings Release Thursday 09 Feb AMBUb.CO AMBU A/S Q1 2011 Earnings Release Thursday 09 Feb ARTIb.ST ARTIMPLANT AB Q4 2011 Earnings Release Thursday 09 Feb AST.MI ASTALDI SPA Q4 2011 Earnings Release Thursday 09 Feb ATKW.L WS ATKINS PLC Interim Management Statement Thursday 09 Feb AVEF.PA AVENIR FINANCE SA Q4 2011 Sales Release Thursday 09 Feb AVOM.PA AVENIR TELECOM SA Q3 2011 Sales Release Thursday 09 Feb BAR.BR BARCO NV Full year 2011 Earnings Release Thursday 09 Feb BELE.ST BEIJER ELECTRONICS AB Q4 2011 Earnings Release Thursday 09 Feb BG.L BG GROUP PLC Q4 2011 Earnings Release Thursday 09 Feb BINV.ST BIOINVENT INTERNATIONAL AB Q4 2011 Earnings Release Thursday 09 Feb BIOT.ST BIOTAGE AB Q4 2011 Earnings Release Thursday 09 Feb BLND.L BRITISH LAND CO PLC Q3 2011 Earnings Release Thursday 09 Feb BOSG_p.DE HUGO BOSS AG Preliminary 2011 Earnings Release Thursday 09 Feb BSLN.S BASILEA PHARMACEUTICA AG Full year 2011 Earnings Release Thursday 09 Feb CAS.ST CREATIVE ANTIBIOTICS SWEDEN AB Q4 2011 Earnings Release Thursday 09 Feb CEQ.OL CERMAQ ASA Preliminary 2011 Earnings Release Thursday 09 Feb CLAVIS.OL CLAVIS PHARMA ASA Q4 2011 Earnings Release Thursday 09 Feb CNTA.ST CONNECTA AB Q4 2011 Earnings Release Thursday 09 Feb CSGN.VX CREDIT SUISSE GROUP AG Full year 2011 Earnings Release Thursday 09 Feb DANSKE.CO DANSKE BANK A/S Full year 2011 Earnings Release Thursday 09 Feb DAST.PA DASSAULT SYSTEMES SA Full year 2011 Earnings Release Thursday 09 Feb DBG.PA DERICHEBOURG SA Q1 2011 Sales Release Thursday 09 Feb DGE.L DIAGEO PLC H1 2011/12 Earnings Release Thursday 09 Feb DNB.OL DNB ASA Q4 2011 Earnings Release Thursday 09 Feb DURCb.ST DUROC AB Q4 2011 Earnings Release Thursday 09 Feb EDBASA.OL EDB ERGOGROUP ASA Q4 2011 Earnings Release Thursday 09 Feb EFO1V.HE EFORE OYJ General Meeting Thursday 09 Feb EMGS.OL ELECTROMAGNETIC GEOSERVICES ASA Q4 2011 Earnings Release Thursday 09 Feb ENEA.ST ENEA AB Q4 2011 Earnings Release Thursday 09 Feb ENRO.ST ENIRO AB Q4 2011 Earnings Release Thursday 09 Feb ESRP.PA ESR SA Q4 2011 Sales Release Thursday 09 Feb ETI.L ENTERPRISE INNS PLC Interim Management Statement Thursday 09 Feb FIA1S.HE FINNAIR OYJ Q4 2011 Earnings Release Thursday 09 Feb FINGb.ST FINGERPRINT CARDS AB Q4 2011 Earnings Release Thursday 09 Feb FIS1V.HE FISKARS OYJ ABP Q4 2011 Earnings Release Thursday 09 Feb GJFS.OL GJENSIDIGE FORSIKRING ASA Q4 2011 Earnings Release Thursday 09 Feb GLA1V.HE GLASTON OYJ ABP Q4 2011 Earnings Release Thursday 09 Feb GNC.I GREENCORE GROUP PLC General Meeting Thursday 09 Feb GRBT.PA GUERBET SA Q4 2011 Sales Release Thursday 09 Feb GSZ.PA GDF SUEZ SA Full year 2011 Earnings Release Thursday 09 Feb GUNN.ST GUNNEBO AB Q4 2011 Earnings Release Thursday 09 Feb HOGAb.ST HOGANAS AB Q4 2011 Earnings Release Thursday 09 Feb HRMS.PA HERMES INTERNATIONAL SCA Q4 2011 Sales Release Thursday 09 Feb HUFVa.ST HUFVUDSTADEN AB Q4 2011 Earnings Release Thursday 09 Feb ING.AS ING GROEP NV Q4 2011 Earnings Release Thursday 09 Feb ITLI.PA IT LINK SA Q4 2011 Sales Release Thursday 09 Feb KBC.BR KBC GROUPE SA Q4 2011 Earnings Release Thursday 09 Feb KNOW.ST KNOW IT AB (PUBL) Q4 2011 Earnings Release



08 February 2012


Credit Suisse analysts’ corporate events calendar Date RIC Company Event Thursday 09 Feb LEGD.PA LEGRAND SNC Full year 2011 Earnings Release Thursday 09 Feb LEM1S.HE LEMMINKAINEN CORPORATION Q4 2011 Earnings Release Thursday 09 Feb LHAG.DE DEUTSCHE LUFTHANSA AG January TrafficFigures Thursday 09 Feb MBQGn.DE MOBOTIX AG Q1 2011 Earnings Release Thursday 09 Feb MEO1V.HE METSO OYJ Q4 2011 Earnings Release Thursday 09 Feb MERY.PA MERCIALYS SA Q4 2011 Earnings Release Thursday 09 Feb MFCP.PA MAISONS FRANCE CONFORT MFC SA Q4 2011 Sales Release Thursday 09 Feb MLXS.BR MELEXIS NAAMLOZE VENNOOTSCHAP Q4 2011 Earnings Release Thursday 09 Feb MRLBV.HE M-REAL OYJ Q4 2011 Earnings Release Thursday 09 Feb MSONb.ST MIDSONA AB Q4 2011 Earnings Release Thursday 09 Feb MTGb.ST MODERN TIMES GROUP MTG AB Q4 2011 Earnings Release Thursday 09 Feb MTTI.MI MITTEL SPA Q4 2011 Earnings Release Thursday 09 Feb NEWAb.ST NEW WAVE GROUP AB Q4 2011 Earnings Release Thursday 09 Feb NNb.ST NORDNET AB Q4 2011 Earnings Release Thursday 09 Feb NOBNE.VX NOBEL BIOCARE HOLDING AG Full year 2011 Earnings Release Thursday 09 Feb NOD.OL NORDIC SEMICONDUCTOR ASA Q4 2011 Earnings Release Thursday 09 Feb NORTHM.CO NORTH MEDIA A/S Q4 2011 Earnings Release Thursday 09 Feb NUTR.AS NUTRECO NV Preliminary 2011 Earnings Release Thursday 09 Feb NXPI.OQ NXP SEMICONDUCTORS NV Full year 2011 Earnings Release Thursday 09 Feb OKDBV.HE ORIOLA KD OYJ Q4 2011 Earnings Release Thursday 09 Feb ORK.OL ORKLA ASA Q4 2011 Earnings Release Thursday 09 Feb OTE1V.HE OUTOTEC OYJ Q4 2011 Earnings Release Thursday 09 Feb PARA.L PARAGON GROUP OF COMPANIES PLC General Meeting Thursday 09 Feb PASS.PA PASSAT SA Q4 2011 Sales Release Thursday 09 Feb PHON.ST PHONERA AB Q4 2011 Earnings Release Thursday 09 Feb POY1V.HE POYRY OYJ Q4 2011 Earnings Release Thursday 09 Feb PPROV.L PROVENTEC PLC General Meeting Thursday 09 Feb PUBP.PA PUBLICIS GROUPE SA Full year 2011 Earnings Release Thursday 09 Feb QFR.OL Q FREE ASA Q4 2011 Earnings Release Thursday 09 Feb RDA.OQ RDA MICROELECTRONICS INC Q4 2011 Earnings Release Thursday 09 Feb RECI.MI RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA Preliminary 2011 Earnings Release Thursday 09 Feb RHKG.DE RHOEN KLINIKUM AG Preliminary 2011 Earnings Release Thursday 09 Feb RIO.L RIO TINTO PLC Full year 2011 Earnings Release Thursday 09 Feb RNK.L RANK GROUP PLC Interim 2011 Earnings Release Thursday 09 Feb RR.L ROLLS-ROYCE HOLDING PLC Preliminary 2011 Earnings Release Thursday 09 Feb RUBF.PA RUBIS SCA Q4 2011 Sales Release Thursday 09 Feb SABF.MI SABAF SPA Q4 2011 Earnings Release Thursday 09 Feb SAMAS.HE SAMPO OYJ Q4 2011 Earnings Release Thursday 09 Feb SDIF.PA SODIFRANCE SA Q4 2011 Sales Release Thursday 09 Feb SECUb.ST SECURITAS AB Q4 2011 Earnings Release Thursday 09 Feb SEMC.ST SEMCON AB Q4 2011 Earnings Release Thursday 09 Feb SESL.PA STORE ELECTRONIC SYSTEMS SA Q4 2011 Sales Release Thursday 09 Feb SHP.L SHIRE PLC Full year 2011 Earnings Release Thursday 09 Feb SILP.PA SILIC SA Q4 2011 Earnings Release Thursday 09 Feb SKI.OL SKIENS AKTIEMOLLE ASA Q4 2011 Earnings Release Thursday 09 Feb SKJE.CO SKJERN BANK A/S Q4 2011 Earnings Release Thursday 09 Feb SORN.MI SORIN SPA Preliminary 2011 Earnings Release Thursday 09 Feb SQNS.N SEQUANS COMMUNICATIONS SA Q4 2011 Earnings Release Thursday 09 Feb STCAS.HE STOCKMANN OYJ ABP Q4 2011 Earnings Release Source: Thomson Reuters


08 February 2012


Schedule of announced forthcoming FTEU300 ex dividend data Code Company Type Amount (lc) Ex date Pay date Price Net yield % Last ann div Net yield % AZN ASTRAZENECA FIN 1.95 15-Feb-12 19-Mar-12 3000 0.1 248.9 8.3 BP. BP QTR 0.08 15-Feb-12 30-Mar-12 487 0.0 7.1 1.5 GSK GLAXOSMITHKLINE QTR 26.00 15-Feb-12 12-Apr-12 1406 1.8 65.0 4.6 ULVR UNILEVER (UK) FIN 18.79 15-Feb-12 22-Mar-12 2042 0.9 71.1 3.5 H:UNIL UNILEVER CERTS. FIN 0.23 15-Feb-12 22-Mar-12 25 0.9 0.8 3.3 F:SGS STMICROELECTRONICS (PAR) FIN 0.09 20-Feb-12 23-Feb-12 5 1.6 0.3 5.6 S:NOVN NOVARTIS 'R' YR 2.25 27-Feb-12 1-Mar-12 52 4.4 n.a. n.a. DK:NZY NOVOZYMES YR 1.90 1-Mar-12 6-Mar-12 164 1.2 1.9 1.2 M:KNEB KONE 'B' YR 1.40 6-Mar-12 15-Mar-12 43 3.3 n.a. n.a. S:ROG ROCHE HOLDING YR 6.80 8-Mar-12 13-Mar-12 161 4.2 6.6 4.1 D:IFXX INFINEON TECHS. (XET) YR 0.12 9-Mar-12 9-Mar-12 8 1.6 0.1 1.6 M:WRT WARTSILA YR 0.90 9-Mar-12 20-Mar-12 26 3.4 1.8 6.7 LAND LAND SECURITIES GROUP QTR 7.20 14-Mar-12 26-Apr-12 680 1.1 25.4 3.7 S:SGSN SGS 'N' CMB 65.00 14-Mar-12 19-Mar-12 1695 3.8 30.0 1.8 M:RRUK RAUTARUUKKI 'K' YR 0.50 15-Mar-12 28-Mar-12 9 5.5 0.6 6.6 F:TAL TOTAL INT 0.57 19-Mar-12 22-Mar-12 41 1.4 2.3 5.6 DK:NON NOVO NORDISK 'B' YR 14.00 22-Mar-12 27-Mar-12 753 1.9 10.0 1.3 W:NDA NORDEA BANK YR 0.26 23-Mar-12 3-Apr-12 60 0.4 2.6 4.2 BSY BRITISH SKY BCAST.GROUP INT 9.20 28-Mar-12 24-Apr-12 700 1.3 23.3 3.3 W:SE@G ELECTROLUX 'B' YR 6.50 28-Mar-12 4-Apr-12 141 4.6 6.5 4.6 M:NEST NESTE OIL YR 0.35 29-Mar-12 11-Apr-12 10 3.6 0.4 3.6 W:SW@G SCA 'B' YR 4.20 30-Mar-12 10-Apr-12 114 3.7 4.0 3.5 W:SEA SEB 'A' YR 1.75 30-Mar-12 10-Apr-12 47 3.7 1.5 3.2 W:SM@G HOLMEN 'B' YR 8.00 30-Mar-12 10-Apr-12 187 4.3 7.0 3.7 M:UPM UPM-KYMMENE YR 0.60 2-Apr-12 13-Apr-12 10 5.9 0.6 5.4 W:TLSN TELIASONERA YR 2.85 4-Apr-12 13-Apr-12 47 6.1 2.7 5.9 M:SAA1 SANOMA YR 0.60 4-Apr-12 17-Apr-12 10 5.8 1.1 10.6 W:VOLV VOLVO 'A' YR 3.00 5-Apr-12 16-Apr-12 95 3.2 2.5 2.6



08 February 2012


Market Charts

17501850195020502150225023502450

Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12

14001500160017001800190020002100FT Euro Top 100 Index, lhs

FTEU Midi, rhs

7

9

11

13

Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12

7

9

11

13

MSCI Europe 12 m Forward PEMSCI Europe 12m Forward PE

7.0

8.0

9.0

10.0

11.0

12.0

Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12

12

22

32

42

52

Euro Historical Equity Earnings Yields, lhsEuro Bond/Equity Earnings Yield Ratio, rhs

85

90

95

100

105

110


85

90

95

100

105

110Defensives( Consumer Staples, Utilities, HealthCare, Telecom) (Relative to FTEU 300)

1.5

1.7

1.9

2.1

2.3

2.5


1.5

1.7

1.9

2.1

2.3

2.510 Year Euro YieldSeries2

0.82

0.86

0.90


1.2

1.3

1.4

1.5£/euro exchange rate, lhs US$/€ exchange rate, rhs

80

85

90

95

100

105


80

85

90

95

100

105Cyclicals (Industrials, Materials, ConsumerDiscretionary) (Relative to FTEU 300)

70

80

90

100


70

80

90

100Financials (Relative to FTEU 300)



08 February 2012


Biggest and smallest companies Share Rel performance % Market Share Rel performance % Market

Biggest FTEU 100 companies price (€) 1w 1m 3m 12m cap (€m) Smallest FTEU 100 companies price (€) 1w 1m 3m 12m cap (€m)

S:NESN Nestle 'R' 44.3 -2 -6 -2 22 146,177 I:TITR Telecom Italia Rsp 0.7 0 -9 -19 -17 3,995 HSBA Hsbc Hdg. (Ord $0.50) 6.7 2 5 -2 -12 121,024 W:ACBF Atlas Copco 'B' 16.8 1 3 12 18 6,559 S:NOVN Novartis 'R' 42.7 0 -10 -4 12 117,305 W:VOLV Volvo 'A' 10.8 5 10 11 -5 7,144 BP. Bp 5.8 -1 -5 0 12 110,665 I:TIT Telecom Italia 0.8 1 -5 -15 -15 10,941 VOD Vodafone Group 2.1 -1 -9 -6 9 104,770 F:CRFR Carrefour 18.2 1 4 -14 -36 12,377 RDSA Royal Dutch Shell A(Lon) 27.4 -2 -11 -2 16 100,371 DK:DSA A P Moller - Maersk 'A' 5709.3 3 9 19 -11 12,548 F:TAL Total 40.9 -2 -3 1 3 96,547 DK:DSB A P Moller - Maersk 'B' 5962.2 2 9 18 -10 13,104 S:ROG Roche Holding 133.2 -1 -7 5 35 93,566 F:CRDA Credit Agricole 5.3 8 20 -6 -50 13,147 GSK Glaxosmithkline 16.9 -4 -12 -4 31 85,137 M:NOKP Nokia 3.9 -2 -12 -28 -49 14,545 B:ABI Anheuser-Busch Inbev 49.0 2 0 12 29 78,617 S:HOLN Holcim 'R' 46.9 4 6 1 -3 15,341 F:SQ@F Sanofi 56.5 -3 -5 5 22 75,802 W:VOBF Volvo 'B' 10.7 5 10 11 -6 15,708 RDSB Royal Dutch Shell B 27.8 -3 -13 -3 18 73,948 W:SR@G Atlas Copco 'A' 18.9 1 3 13 20 15,889 BATS British American Tobacco 37.1 2 -5 -1 40 72,995 H:PHIL Philips Eltn.Koninklijke 15.8 -1 -4 -2 -22 15,987 D:SIEX Siemens (Xet) 75.9 2 -6 -5 -11 69,351 M:FORT Fortum 18.2 4 7 -7 -8 16,124 I:ENI Eni 17.2 -2 -1 -1 4 68,852 E:ELE Endesa 15.4 -1 -7 -17 -22 16,289 RIO Rio Tinto 46.4 -2 9 4 -8 66,068 I:TEN Tenaris 14.5 -7 -10 2 -7 17,071 F:LVMH Lvmh 125.3 -2 9 0 18 63,629 F:SGE Societe Generale 23.8 13 45 24 -45 18,498 N:STL Statoil 19.6 -1 -9 -5 18 62,595 D:RWEX Rwe (Xet) 32.4 7 8 1 -33 18,634 E:TEF Telefonica 13.4 -3 -3 -14 -21 61,021 CNA Centrica 3.6 -1 -1 -7 1 18,771 BG. Bg Group 17.6 -1 -6 0 12 59,603 I:G Generali 12.2 -1 -1 -11 -20 19,025 Biggest FTEU Midi companies Smallest FTEU Midi companies B:KB Kbc Group 17.2 15 72 16 -38 6,164 N:KVAE Kvaerner 1.7 -3 26 16 n.a. 458 O:RAI Raiffeisen Bank Intl. 29.0 8 45 40 -29 5,668 G:EFG Efg Eurobank Ergasias 1.0 0 181 17 -78 524 W:SE@G Electrolux 'B' 16.0 10 19 12 -8 4,799 W:SSBF Ssab 'B' 7.3 2 6 12 -24 611 W:EKBF Hexagon 'B' 14.2 4 9 19 -3 4,797 B:DEX Dexia 0.3 -5 6 -32 -88 639 D:G1AX Gea Group (Xet) 25.9 2 9 13 25 4,761 DK:ROC Rockwool 'B' 74.4 -1 6 -3 -1 799 IHG Ictl.Htls.Gp. 16.3 1 9 16 10 4,749 G:PPC Public Power 3.7 -11 -7 -41 -66 854 E:BSAB Banco De Sabadell 2.9 0 2 7 0 4,697 G:PIST Alpha Bank 1.7 9 253 43 -59 919 RSL Resolution 3.3 -3 3 -5 13 4,541 F:PAJ Pagesjaunes 3.4 -7 19 8 -52 957 D:LXSX Lanxess (Xet) 54.0 5 18 15 5 4,491 M:OUTO Outokumpu 'A' 6.1 -6 4 -7 -49 1,116 B:AGS Ageas (Ex-Fortis) 1.7 2 27 9 -21 4,381 H:PNL Postnl 3.1 -2 12 -4 -63 1,220 SVT Severn Trent 18.2 -4 -7 -9 16 4,335 I:EXP Exor Pref. 16.4 0 6 1 -1 1,258 D:BNRX Brenntag (Xet) 84.1 2 8 3 28 4,331 P:BCP Banco Comr.Portugues 0.2 26 22 33 -67 1,268 H:FUG Fugro 52.7 1 9 19 -3 4,290 M:RRUK Rautaruukki 'K' 9.1 4 10 13 -42 1,271 S:PARG Pargesa 'B' 54.8 -1 1 -9 -11 4,228 H:APAM Aperam 16.4 2 42 22 -39 1,284 ITRK Intertek Group 26.3 0 0 7 36 4,216 W:SM@G Holmen 'B' 21.2 -7 -12 -5 -12 1,316 AMEC Amec 12.6 0 2 9 -6 4,180 S:NOBE Nobel Biocare Holding 10.7 -3 6 15 -23 1,321 GKN Gkn 2.7 2 8 11 23 4,124 HAS Hays 1.0 9 16 -2 -29 1,349 F:RXL Rexel 15.3 -2 7 7 -5 4,103 W:IUCF Industrivarden 'C' 11.5 3 11 20 2 1,355 IAG Intl.Cons.Airl.Gp.(Cdi) 2.2 0 17 15 -23 4,094 G:HTO Hellenic Telecom.Org. 2.8 -5 -3 -24 -61 1,358 D:HOTX Hochtief (Xet) 52.7 3 9 -5 -11 4,059 I:BZU Buzzi Unicem 8.5 1 15 7 -4 1,402 REX Rexam 4.6 -2 -1 6 14 4,009 P:BRI Brisa Portugal 2.5 7 -11 -5 -49 1,481 F:MATI Bollore 158.6 -1 -3 -13 2 3,980 F:UTA Air France-Klm 5.1 2 22 -9 -59 1,534 F:AKE Arkema 64.0 0 13 18 30 3,955 LAD Ladbrokes 1.8 -1 4 -1 19 1,586 S:ATLN Actelion 29.9 -1 3 5 -22 3,904 LOG Logica 1.0 5 14 -5 -36 1,589 P:EDPR Edp Renovaveis 4.4 -2 -13 -8 12 3,881 S:BKW Bkw 30.6 -1 -9 -13 -44 1,605 M:NOKT Nokian Renkaat 29.6 5 6 -2 19 3,838 M:KESK Kesko 'B' 24.1 -14 -12 -13 -19 1,610 O:AND Andritz 73.0 0 3 1 28 3,796 B:BEKB Bekaert (D) 27.5 -14 -5 -17 -60 1,649 W:BOL Boliden 13.8 2 5 23 -4 3,767 RENT Rentokil Initial 0.9 0 13 10 -17 1,677 F:SCO Scor Se 19.5 -2 3 6 3 3,751 D:S92X Sma Solar Tech. (Xet) 48.8 0 7 2 -31 1,692 S:BARN Barry Callebaut 723.4 -3 -9 -3 36 3,740 M:SAA1 Sanoma 10.4 -2 11 4 -35 1,697



08 February 2012


Best and worst performers over one week Share Rel performance % Market P/E ratio PEG Div yield EV/EBITDA 3m EPS Credit Suisse Best FTEU 100 performers price (€) 1w 1m 3m 12m cap (€m) 11E 12E ratio 11E 12E 11E 12E revs % Rating F:SGE Societe Generale 23.8 13.1 45 24 -45 18,498 6.3 5.8 n.m. 1.0 4.4 38.4 39.6 -17.4 Neutral I:UCG Unicredit 4.4 11.7 58 -24 -62 25,347 13.3 10.7 n.m. 0.0 3.0 31.5 26.6 -59.8 Restricted LLOY Lloyds Banking Group 0.4 9.7 20 19 -40 29,052 14.0 10.5 0.8 0.0 0.0 29.1 39.9 0.0 Neutral DK:NON Novo Nordisk 'B' 101.2 8.3 5 15 35 47,833 21.8 18.6 1.6 2.0 2.4 14.9 13.5 5.9 Neutral F:CRDA Credit Agricole 5.3 8.0 20 -6 -50 13,147 6.0 4.9 0.6 0.0 5.1 47.2 51.2 -32.6 Underperform BARC Barclays 2.8 7.2 19 23 -16 34,631 8.4 7.5 0.6 2.5 3.2 64.3 59.7 6.3 Outperform D:RWEX Rwe (Xet) 32.4 7.0 8 1 -33 18,634 7.7 7.9 n.m. 6.8 6.6 4.4 4.1 -3.0 Neutral F:BNP Bnp Paribas 35.7 6.7 19 6 -30 43,159 6.9 6.1 n.m. 3.9 4.7 34.8 32.4 -21.3 Outperform E:SCH Banco Santander 6.5 6.3 16 7 -16 59,568 7.9 7.3 1.4 8.6 8.9 16.2 14.0 -14.4 Neutral RBS Royal Bank Of Sctl.Gp. 0.4 5.7 32 22 -28 20,504 17.5 11.7 0.5 0.0 0.0 111.7 97.6 -33.3 Neutral Worst FTEU 100 performers I:TEN Tenaris 14.5 -6.6 -10 2 -7 17,071 17.4 13.6 0.9 2.0 2.4 9.5 7.7 -1.2 Neutral AZN Astrazeneca 36.0 -5.6 -8 -6 12 46,076 7.8 7.7 n.m. 6.0 6.3 4.8 4.9 3.1 Underperform E:REP Repsol Ypf 20.6 -5.3 -17 -11 -4 25,125 11.9 9.6 2.0 5.5 6.0 4.3 3.8 -8.9 Outperform N:TEL Telenor 12.3 -4.8 -9 -13 19 19,742 13.2 10.9 0.6 4.9 6.0 5.3 4.8 -3.1 Outperform GSK Glaxosmithkline 16.9 -4.2 -12 -4 31 85,137 11.4 10.5 1.5 5.2 5.5 7.5 7.1 4.2 Neutral ULVR Unilever (Uk) 24.5 -4.0 -10 -8 23 31,415 14.8 13.5 1.5 3.8 4.2 9.1 8.4 -4.6 Underperform RB. Reckitt Benckiser Group 40.5 -3.7 -3 -3 9 29,538 13.9 13.8 3.7 3.7 3.8 10.2 10.1 3.2 Outperform I:ENEL Enel 3.1 -3.7 -5 -15 -20 29,282 7.1 6.8 n.m. 8.7 8.7 4.9 4.9 -4.3 NR RDSB Royal Dutch Shell B 27.8 -3.5 -13 -3 18 73,948 8.2 7.7 4.3 5.1 5.1 4.2 3.9 1.2 Neutral H:UNIL Unilever Certs. 25.4 -3.4 -9 -6 27 39,265 15.4 14.2 1.4 3.7 3.9 9.1 8.5 -3.5 Underperform

Best FTEU Midi performers P:BCP Banco Comr.Portugues 0.2 26.0 22 33 -67 1,268 8.8 5.9 n.m. 0.0 5.7 39.9 43.1 -50.0 NR I:BP Banco Popolare 1.5 21.7 56 30 -42 2,559 13.2 11.2 n.m. 1.4 2.8 n.a. n.a. -8.3 NR B:KB Kbc Group 17.2 14.8 72 16 -38 6,164 8.0 4.8 1.1 1.5 2.8 16.6 15.8 -56.9 NR P:BES Banco Espirito Santo 1.5 13.1 17 -2 -47 2,160 7.8 5.3 0.2 2.0 4.1 36.7 36.9 -29.6 NR EMG Man Group 1.6 12.7 12 -11 -52 2,948 18.0 12.5 n.a. 8.6 10.5 6.0 4.3 -18.2 Outperform I:BMPS Banca Monte Dei Paschi 0.3 12.6 39 5 -54 3,664 8.4 8.4 n.m. 3.0 3.0 47.7 72.1 0.0 NR IAP Icap 4.7 11.7 14 1 -22 3,025 10.4 9.8 10.4 5.1 5.3 6.3 6.0 -4.3 Outperform W:SE@G Electrolux 'B' 16.0 10.4 19 12 -8 4,799 11.4 9 0.5 4.6 4.8 5 4 -4.8 Outperform G:PIST Alpha Bank 1.7 9.4 253 43 -59 919 n.m. n.m. n.a. 0.0 0.6 n.a. n.a. n.a. NR HAS Hays 1.0 9.0 16 -2 -29 1,349 16.2 13.9 2.2 6.2 5.2 9.0 9.0 -14.3 Outperform M:NEST Neste Oil 9.6 8.3 9 -2 -19 2,465 10.0 7.8 0.3 4.3 5.1 5.8 5.2 -6.8 Outperform I:MS Mediaset 2.5 8.1 15 -11 -42 2,984 10.1 10.5 n.m. 9.1 8.7 5.4 5.6 -10.7 Underperform D:BO3X Boss (Hugo) Pref. (Xet) 76.0 7.8 15 4 46 2,625 19.9 17.6 1.2 3.5 4.1 11.9 10.7 1.9 Outperform O:RAI Raiffeisen Bank Intl. 29.0 7.8 45 40 -29 5,668 7.7 8.0 n.m. 1.3 2.1 47.4 61.5 -18.0 Outperform I:PAT Parmalat 1.6 7.7 13 -7 -23 2,832 16.1 16.1 n.m. 3.1 3.1 3.8 3.7 0.0 NR

Worst FTEU Midi performers B:BEKB Bekaert (D) 27.5 -14.5 -5 -17 -60 1,649 8.3 10.6 n.m. 4.9 4.5 4.2 5.3 -16.5 NR M:KESK Kesko 'B' 24.1 -13.8 -12 -13 -19 1,610 13.0 12.0 2.8 5.0 5.3 5.0 4.6 -8.4 NR G:OPAP Opap 7.1 -12.5 7 -12 -51 2,265 4.6 5.3 n.m. 12.7 11.7 2.2 2.3 -1.3 Outperform G:PPC Public Power 3.7 -10.6 -7 -41 -66 854 6.9 2.6 n.m. 5.7 14.1 5.0 3.8 -61.0 NR D:FIEX Fielmann (Xet) 74.0 -9.8 -5 -11 20 3,108 23.4 21.4 2.4 3.6 3.9 13.2 12.2 0.0 NR D:QIAX Qiagen (Xet) 11.9 -7.7 -2 9 -5 2,787 15.5 14.2 2.5 0.0 0.0 9.1 8.2 -1.3 NR W:SM@G Holmen 'B' 21.2 -7.3 -12 -5 -12 1,316 14.0 12.8 n.m. 4.2 4.4 7.0 6.6 -2.6 Underperform F:PAJ Pagesjaunes 3.4 -7.0 19 8 -52 957 4.5 4.9 n.m. 14.4 13.2 6.0 6.1 -3.8 NR I:AGL Autogrill 8.1 -6.7 1 -12 -16 2,057 15.3 13.9 1.0 3.2 3.8 5.7 5.5 0.0 Neutral D:KD8X Kabel Deutschland 38.6 -6.3 -9 -17 13 3,477 23.3 13.8 n.m. 4.2 5.9 7.9 7.2 21.2 Neutral M:OUTO Outokumpu 'A' 6.1 -6.1 4 -7 -49 1,116 60.9 9 n.m. 2.5 4.3 10.6 7.1 -58.3 Neutral G:HTO Hellenic Telecom.Org. 2.8 -5.4 -3 -24 -61 1,358 4.8 4.5 0.3 5.1 6.9 3.3 3.3 0.0 NR B:DEX Dexia 0.3 -5.4 6 -32 -88 639 n.m. 0.9 n.m. 0.0 12.2 283.1 226.1 n.a. NR F:IPN Ipsen 22.0 -5.3 -15 -10 -1 1,853 12.2 11.6 1.8 3.5 3.7 7.8 7.0 0.6 Underperform P:CPR Cimentos De Portl.Sgps 5.1 -5.2 -7 -13 14 3,394 13.7 13.0 3.4 3.8 4.2 7.7 7.3 -11.9 NR

Souurce: Thomson Reuters


08 February 2012


Best and worst performers over one month Share Rel performance % Market P/E ratio PEG Div yield EV/EBITDA 3m EPS Credit Suisse Best FTEU 100 performers price (€) 1w 1m 3m 12m cap (€m) 11E 12E ratio 11E 12E 11E 12E revs % Rating I:UCG Unicredit 4.4 12 57.8 -24 -62 25,347 13.3 10.7 n.m. 0.0 3.0 31.5 26.6 -59.8 Restricted F:SGE Societe Generale 23.8 13 44.7 24 -45 18,498 6.3 5.8 n.m. 1.0 4.4 38.4 39.6 -17.4 Neutral RBS Royal Bank Of Sctl.Gp. 0.4 6 32.3 22 -28 20,504 17.5 11.7 0.5 0.0 0.0 111.7 97.6 -33.3 Neutral I:ISP Intesa Sanpaolo 1.6 3 28.8 22 -28 24,027 10.3 9.7 n.m. 4.5 4.5 40.2 35.7 -6.3 Neutral H:ING Ing Groep 7.3 2 27.0 15 -11 28,076 5.4 5.6 0.5 0.0 1.6 37.5 37.7 -10.5 Outperform F:MIDI Axa 12.7 5 22.1 11 -13 29,842 6.7 6.7 0.8 5.6 6.2 4.2 4.4 2.2 Outperform F:CRDA Credit Agricole 5.3 8 20.4 -6 -50 13,147 6.0 4.9 0.6 0.0 5.1 47.2 51.2 -32.6 Underperform LLOY Lloyds Banking Group 0.4 10 20.3 19 -40 29,052 14.0 10.5 0.8 0.0 0.0 29.1 39.9 0.0 Neutral D:DBKX Deutsche Bank (Xet) 34.0 1 18.8 9 -20 31,557 6.7 6.0 0.5 2.4 2.9 51.8 47.7 -11.7 Outperform BARC Barclays 2.8 7 18.7 23 -16 34,631 8.4 7.5 0.6 2.5 3.2 64.3 59.7 6.3 Outperform

Worst FTEU 100 performers TSCO Tesco 4.0 -1 -21.3 -24 -9 31,676 9.6 9.2 39.5 4.6 4.8 6.5 6.3 -2.4 Neutral E:REP Repsol Ypf 20.6 -5 -16.6 -11 -4 25,125 11.9 9.6 2.0 5.5 6.0 4.3 3.8 -8.9 Outperform RDSB Royal Dutch Shell B 27.8 -3 -12.6 -3 18 73,948 8.2 7.7 4.3 5.1 5.1 4.2 3.9 1.2 Neutral GSK Glaxosmithkline 16.9 -4 -12.2 -4 31 85,137 11.4 10.5 1.5 5.2 5.5 7.5 7.1 4.2 Neutral M:NOKP Nokia 3.9 -2 -11.9 -28 -49 14,545 27.7 11.8 2.0 4.6 5.4 4.2 2.6 -41.7 Outperform W:SL@G Ericsson Tel.Cl 'B' 7.3 -1 -11.1 -15 -16 21,830 13.4 10.7 1.1 4.0 4.4 5.2 4.4 -25.0 Neutral RDSA Royal Dutch Shell A(Lon) 27.4 -2 -10.5 -2 16 100,371 8.1 7.6 4.0 4.7 4.8 4.1 3.8 0.0 Neutral I:TEN Tenaris 14.5 -7 -10.3 2 -7 17,071 17.4 13.6 0.9 2.0 2.4 9.5 7.7 -1.2 Neutral S:NOVN Novartis 'R' 42.7 0 -10.3 -4 12 117,305 10.3 9.8 4.6 4.4 4.7 9.8 9.5 -1.7 Outperform ULVR Unilever (Uk) 24.5 -4 -10.1 -8 23 31,415 14.8 13.5 1.5 3.8 4.2 9.1 8.4 -4.6 Underperform

Best FTEU Midi performers G:PIST Alpha Bank 1.7 9 253.3 43 -59 919 n.m. n.m. n.a. 0.0 0.6 n.a. n.a. n.a. NR G:EFG Efg Eurobank Ergasias 1.0 0 180.5 17 -78 524 n.m. n.m. n.a. 0.0 0.0 n.a. n.a. n.a. NR G:ETE National Bk.Of Greece 3.0 4 94.2 39 -57 2,830 n.m. 18.5 n.m. 0.0 0.0 n.a. n.a. -436.0 NR B:KB Kbc Group 17.2 15 72.2 16 -38 6,164 8.0 4.8 1.1 1.5 2.8 16.6 15.8 -56.9 NR I:BP Banco Popolare 1.5 22 56.4 30 -42 2,559 13.2 11.2 n.m. 1.4 2.8 n.a. n.a. -8.3 NR O:RAI Raiffeisen Bank Intl. 29.0 8 44.9 40 -29 5,668 7.7 8.0 n.m. 1.3 2.1 47.4 61.5 -18.0 Outperform H:APAM Aperam 16.4 2 42.2 22 -39 1,284 31.6 11.1 n.m. 3.3 3.4 3.8 3.1 -57.0 Outperform I:BMPS Banca Monte Dei Paschi 0.3 13 38.8 5 -54 3,664 8.4 8.4 n.m. 3.0 3.0 47.7 72.1 0.0 NR B:AGS Ageas (Ex-Fortis) 1.7 2 27.4 9 -21 4,381 n.m. 8.4 1.2 4.2 6.0 n.m. 8.0 -566.7 Outperform F:FGR Eiffage 25.5 5 26.6 -1 -28 2,223 10.0 9.6 7.3 4.7 4.8 8.0 7.7 -2.7 Underperform N:KVAE Kvaerner 1.7 -3 26.5 16 n.a. 458 6.1 8.9 n.a. 2.4 5.3 0.6 0.9 3.7 NR F:ERF Eurazeo 35.4 3 22.7 -2 -26 2,237 16.6 12.7 n.m. 3.4 3.5 8.0 7.9 -19.6 NR P:BCP Banco Comr.Portugues 0.2 26 22.3 33 -67 1,268 8.8 5.9 n.m. 0.0 5.7 39.9 43.1 -50.0 NR F:UTA Air France-Klm 5.1 2 22.0 -9 -59 1,534 n.m. n.m. n.a. 0.4 0.8 5.5 5.7 n.a. Underperform F:BERT Faurecia 20.1 2 19.1 0 -14 2,217 6.5 7.0 0.4 2.0 2.5 3.1 3.1 0.7 NR

Worst FTEU Midi performers ESSR Essar Energy 1.6 -1 -27.4 -60 -73 2,073 11.4 6.1 0.3 0.0 0.0 7.7 3.9 -22.2 Outperform D:SOWX Software (Xet) 26.7 4 -17.9 -20 -25 2,318 11.7 10.9 1.3 2.3 2.5 7.6 7.2 -11.2 NR S:LONN Lonza Group 42.1 -1 -16.3 -13 -23 2,226 11.1 9.5 1.1 3.9 4.1 5.3 4.8 -18.5 NR H:SBMO Sbm Offshore 13.9 4 -15.5 -22 -17 2,381 7.7 7.7 0.4 2.3 6.1 5.7 5.3 9.0 NR F:IPN Ipsen 22.0 -5 -14.5 -10 -1 1,853 12.2 11.6 1.8 3.5 3.7 7.8 7.0 0.6 Underperform G:HPI Hellenic Petroleum 5.7 -5 -13.6 -21 -16 1,736 11.4 7.4 0.7 7.6 8.3 8.0 6.1 -19.4 NR P:EDPR Edp Renovaveis 4.4 -2 -13.5 -8 12 3,881 29.7 21.2 0.9 0.2 0.4 8.6 7.4 0.0 NR M:KESK Kesko 'B' 24.1 -14 -12.0 -13 -19 1,610 13.0 12.0 2.8 5.0 5.3 5.0 4.6 -8.4 NR W:SM@G Holmen 'B' 21.2 -7 -11.8 -5 -12 1,316 14.0 12.8 n.m. 4.2 4.4 7.0 6.6 -2.6 Underperform DRXG Drax Group 6.3 -5 -11.4 -10 46 2,307 10.0 10.4 n.m. 4.9 4.9 5.0 5.1 10.5 Underperform P:BRI Brisa Portugal 2.5 7 -11.0 -5 -49 1,481 12.3 15.4 n.m. 12.6 12.2 7.9 8.0 -4.8 Underperform E:DIA Distribuidora Intnac. 3.6 -2 -9.9 1 n.a. 2,423 17.8 15.5 n.a. 1.7 2.2 5.1 4.7 -4.8 Underperform S:BKW Bkw 30.6 -1 -9.3 -13 -44 1,605 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. NR S:BARN Barry Callebaut 723.4 -3 -9.2 -3 36 3,740 16.6 14.7 1.9 1.9 2.2 11.0 10.1 -0.1 Outperform D:KD8X Kabel Deutschland 38.6 -6 -8.7 -17 13 3,477 23.3 13.8 n.m. 4.2 5.9 7.9 7.2 21.2 Neutral Source: Thomson Reuters


08 February 2012


Best and worst performers over three months Share Rel performance % Market P/E ratio PEG Div yield EV/EBITDA 3m EPS Credit Suisse Best FTEU 100 performers price (€) 1w 1m 3m 12m cap (€m) 11E 12E ratio 11E 12E 11E 12E revs % Rating F:SGE Societe Generale 23.8 13 45 23.8 -45 18,498 6.3 5.8 n.m. 1.0 4.4 38.4 39.6 -17.4 Neutral BARC Barclays 2.8 7 19 23.5 -16 34,631 8.4 7.5 0.6 2.5 3.2 64.3 59.7 6.3 Outperform RBS Royal Bank Of Sctl.Gp. 0.4 6 32 22.3 -28 20,504 17.5 11.7 0.5 0.0 0.0 111.7 97.6 -33.3 Neutral I:ISP Intesa Sanpaolo 1.6 3 29 21.5 -28 24,027 10.3 9.7 n.m. 4.5 4.5 40.2 35.7 -6.3 Neutral LLOY Lloyds Banking Group 0.4 10 20 19.2 -40 29,052 14.0 10.5 0.8 0.0 0.0 29.1 39.9 0.0 Neutral DK:DSA A P Moller - Maersk 'A' 5709.3 3 9 18.7 -11 12,548 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. NR DK:DSB A P Moller - Maersk 'B' 5962.2 2 9 17.8 -10 13,104 15.1 13.0 n.m. 2.0 2.2 3.3 3.4 -18.5 NR D:DAIX Daimler (Xet) 44.6 2 16 17.3 -9 47,596 8.8 9.1 1.0 4.5 4.5 6.9 7.1 -4.3 Neutral DK:NON Novo Nordisk 'B' 101.2 8 5 15.5 35 47,833 21.8 18.6 1.6 2.0 2.4 14.9 13.5 5.9 Neutral H:ING Ing Groep 7.3 2 27 15.4 -11 28,076 5.4 5.6 0.5 0.0 1.6 37.5 37.7 -10.5 Outperform

Worst FTEU 100 performers M:NOKP Nokia 3.9 -2 -12 -27.9 -49 14,545 27.7 11.8 2.0 4.6 5.4 4.2 2.6 -41.7 Outperform TSCO Tesco 4.0 -1 -21 -24.0 -9 31,676 9.6 9.2 39.5 4.6 4.8 6.5 6.3 -2.4 Neutral I:UCG Unicredit 4.4 12 58 -23.7 -62 25,347 13.3 10.7 n.m. 0.0 3.0 31.5 26.6 -59.8 Restricted F:EDF Edf 18.6 2 -1 -20.5 -34 34,444 10.1 8.9 n.m. 6.3 6.6 4.3 4.0 1.1 Outperform I:TITR Telecom Italia Rsp 0.7 0 -9 -18.7 -17 3,995 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Underperform E:ELE Endesa 15.4 -1 -7 -17.3 -22 16,289 7.7 7.6 n.a. 6.5 6.6 3.1 3.0 -2.4 NR F:FTEL France Telecom 11.6 -2 -7 -15.3 -23 30,846 7.6 8.0 n.m. 12.0 11.9 4.1 4.3 -2.5 Restricted W:SL@G Ericsson Tel.Cl 'B' 7.3 -1 -11 -15.2 -16 21,830 13.4 10.7 1.1 4.0 4.4 5.2 4.4 -25.0 Neutral I:TIT Telecom Italia 0.8 1 -5 -15.1 -15 10,941 6.3 6.3 n.m. 7.4 8.6 3.8 3.8 0.0 Neutral I:ENEL Enel 3.1 -4 -5 -15.0 -20 29,282 7.1 6.8 n.m. 8.7 8.7 4.9 4.9 -4.3 NR Best FTEU Midi performers G:PIST Alpha Bank 1.7 9 253 43.4 -59 919 n.m. n.m. n.a. 0.0 0.6 n.a. n.a. n.a. NR O:RAI Raiffeisen Bank Intl. 29.0 8 45 40.5 -29 5,668 7.7 8.0 n.m. 1.3 2.1 47.4 61.5 -18.0 Outperform G:ETE National Bk.Of Greece 3.0 4 94 38.6 -57 2,830 n.m. 18.5 n.m. 0.0 0.0 n.a. n.a. -436.0 NR P:BCP Banco Comr.Portugues 0.2 26 22 33.3 -67 1,268 8.8 5.9 n.m. 0.0 5.7 39.9 43.1 -50.0 NR I:BP Banco Popolare 1.5 22 56 30.3 -42 2,559 13.2 11.2 n.m. 1.4 2.8 n.a. n.a. -8.3 NR D:C@1X Celesio (Xet) 15.2 0 10 26.7 -10 2,592 13.3 11.6 n.m. 2.6 3.0 7.5 7.0 -8.0 NR F:GA@F Cie.Gl.De Gphyq.-Vert. 21.9 -1 7 23.5 -2 3,327 182.5 19.4 n.m. 0.0 0.0 7.0 5.4 -7.7 Neutral W:BOL Boliden 13.8 2 5 23.1 -4 3,767 9.2 8.6 n.m. 3.8 3.9 5.2 5.0 -0.7 NR H:APAM Aperam 16.4 2 42 22.0 -39 1,284 31.6 11.1 n.m. 3.3 3.4 3.8 3.1 -57.0 Outperform W:IUCF Industrivarden 'C' 11.5 3 11 19.5 2 1,355 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. NR W:EKBF Hexagon 'B' 14.2 4 9 19.4 -3 4,797 16.5 14.9 1.2 1.8 4.5 12.6 11.6 -3.4 NR S:CLN Clariant 9.8 2 7 19.2 -17 2,906 9.7 11.3 n.m. 1.4 2.2 3.9 4.0 12.2 NR H:FUG Fugro 52.7 1 9 19.2 -3 4,290 15.9 13.4 2.1 2.8 3.0 8.3 7.2 0.6 NR W:IU Industrivarden 'A' 12.0 2 8 18.3 3 3,232 n.m. 19.4 n.m. 4.1 4.4 n.m. 20.6 n.a. NR F:AKE Arkema 64.0 0 13 17.7 30 3,955 7.4 9.6 1.8 1.9 2.2 3.9 4.5 5.8 NR

Worst FTEU Midi performers ESSR Essar Energy 1.6 -1 -27 -59.5 -73 2,073 11.4 6.1 0.3 0.0 0.0 7.7 3.9 -22.2 Outperform G:PPC Public Power 3.7 -11 -7 -41.0 -66 854 6.9 2.6 n.m. 5.7 14.1 5.0 3.8 -61.0 NR I:FNC Finmeccanica 3.4 -4 18 -32.2 -61 1,984 n.m. 9.0 n.m. 0.0 3.5 585.1 3.3 -373.5 NR B:DEX Dexia 0.3 -5 6 -32.1 -88 639 n.m. 0.9 n.m. 0.0 12.2 283.1 226.1 n.a. NR I:A2A A2A 0.7 -1 -3 -27.5 -28 2,331 12.4 10.6 0.5 6.7 6.7 6.5 5.9 -14.3 NR G:HTO Hellenic Telecom.Org. 2.8 -5 -3 -23.7 -61 1,358 4.8 4.5 0.3 5.1 6.9 3.3 3.3 0.0 NR ADM Admiral Group 11.7 -1 8 -23.0 -37 3,158 12.4 10.9 1.2 7.4 8.1 8.2 7.4 -9.6 Neutral H:SBMO Sbm Offshore 13.9 4 -16 -22.1 -17 2,381 7.7 7.7 0.4 2.3 6.1 5.7 5.3 9.0 NR G:HPI Hellenic Petroleum 5.7 -5 -14 -20.9 -16 1,736 11.4 7.4 0.7 7.6 8.3 8.0 6.1 -19.4 NR D:SOWX Software (Xet) 26.7 4 -18 -19.9 -25 2,318 11.7 10.9 1.3 2.3 2.5 7.6 7.2 -11.2 NR F:FCS Ciments Francais 57.3 -2 -8 -18.7 -7 2,050 12.8 13.3 n.m. 5.2 5.0 4.7 4.6 -6.1 NR E:IDR Indra Sistemas 10.8 4 3 -18.3 -16 1,778 9.3 9.4 n.m. 6.1 6.2 6.5 6.3 -2.5 NR D:KD8X Kabel Deutschland 38.6 -6 -9 -17.5 13 3,477 23.3 13.8 n.m. 4.2 5.9 7.9 7.2 21.2 Neutral B:BEKB Bekaert (D) 27.5 -14 -5 -16.7 -60 1,649 8.3 10.6 n.m. 4.9 4.5 4.2 5.3 -16.5 NR F:TVFS Tf1 (Tv.Fse.1) 8.7 0 8 -15.6 -36 1,838 10.4 10.9 0.6 7.1 7.0 5.1 5.4 -12.5 Underperform Source: Thomson Reuters


08 February 2012


Best and worst performers over twelve months Share Rel performance % Market P/E ratio PEG Div yield EV/EBITDA 3m EPS Credit Suisse Best FTEU 100 performers price (€) 1w 1m 3m 12m cap (€m) 11E 12E ratio 11E 12E 11E 12E revs % Rating BATS British American Tobacco 37.1 2 -5 -1 39.8 72,995 15.9 14.7 1.9 4.1 4.4 11.3 10.8 2.6 Outperform IMT Imperial Tobacco Gp. 29.1 3 -6 -2 36.2 29,166 11.9 10.9 1.5 4.4 4.8 9.4 9.0 1.7 Outperform E:IND Inditex 67.4 -2 1 -5 35.8 42,025 21.6 19.3 2.0 2.7 3.2 11.8 10.5 0.0 Outperform DK:NON Novo Nordisk 'B' 101.2 8 5 15 35.3 47,833 21.8 18.6 1.6 2.0 2.4 14.9 13.5 5.9 Neutral S:ROG Roche Holding 133.2 -1 -7 5 34.6 93,566 11.9 10.9 1.4 4.6 5.0 8.7 8.1 0.1 Outperform SAB Sabmiller 29.9 0 0 5 32.2 47,630 19.3 16.7 1.8 2.2 2.5 12.9 10.9 -2.5 NR D:VO3X Volkswagen Pref. (Xet) 141.8 1 8 3 30.7 24,118 7.5 7.7 1.0 2.1 2.5 5.8 5.9 -5.5 Outperform GSK Glaxosmithkline 16.9 -4 -12 -4 30.6 85,137 11.4 10.5 1.5 5.2 5.5 7.5 7.1 4.2 Neutral DGE Diageo 17.7 1 -3 5 30.5 44,196 16.5 14.8 1.9 2.9 3.1 12.3 11.3 2.9 Outperform D:BMWX Bmw (Xet) 69.4 3 18 8 29.3 41,754 9.0 9.8 0.7 3.3 3.7 7.4 8.0 2.4 Outperform Worst FTEU 100 performers I:UCG Unicredit 4.4 12 58 -24 -61.7 25,347 13.3 10.7 n.m. 0.0 3.0 31.5 26.6 -59.8 Restricted F:CRDA Credit Agricole 5.3 8 20 -6 -49.6 13,147 6.0 4.9 0.6 0.0 5.1 47.2 51.2 -32.6 Underperform M:NOKP Nokia 3.9 -2 -12 -28 -49.0 14,545 27.7 11.8 2.0 4.6 5.4 4.2 2.6 -41.7 Outperform F:SGE Societe Generale 23.8 13 45 24 -45.1 18,498 6.3 5.8 n.m. 1.0 4.4 38.4 39.6 -17.4 Neutral LLOY Lloyds Banking Group 0.4 10 20 19 -40.2 29,052 14.0 10.5 0.8 0.0 0.0 29.1 39.9 0.0 Neutral F:CRFR Carrefour 18.2 1 4 -14 -35.6 12,377 13.0 12.1 n.m. 4.4 4.6 4.9 4.7 -4.8 Underperform F:EDF Edf 18.6 2 -1 -21 -34.1 34,444 10.1 8.9 n.m. 6.3 6.6 4.3 4.0 1.1 Outperform D:RWEX Rwe (Xet) 32.4 7 8 1 -33.3 18,634 7.7 7.9 n.m. 6.8 6.6 4.4 4.1 -3.0 Neutral S:CSGN Credit Suisse Group N 20.7 1 11 0 -33.1 24,878 10.6 8.2 n.m. 2.9 3.1 64.3 55.4 -15.9 NR H:MT Arcelormittal 16.7 5 7 3 -32.8 26,052 10.8 9.9 n.m. 3.4 3.6 5.3 5.2 -17.6 Outperform Best FTEU Midi performers E:PROB Grifols 15.3 6 12 16 51.7 3,254 25.0 18.0 1.4 0.1 0.3 11.1 7.2 0.0 NR D:BO3X Boss (Hugo) Pref. (Xet) 76.0 8 15 4 46.4 2,625 19.9 17.6 1.2 3.5 4.1 11.9 10.7 1.9 Outperform DRXG Drax Group 6.3 -5 -11 -10 46.0 2,307 10.0 10.4 n.m. 4.9 4.9 5.0 5.1 10.5 Underperform I:LTO Lottomatica 13.3 1 10 -9 42.6 2,296 13.5 11.7 1.1 3.3 5.5 5.4 5.3 6.5 Outperform I:PC Pirelli 7.4 1 4 5 40.9 3,513 11.0 8.9 0.5 3.2 4.1 5.1 4.2 1.5 NR S:BARN Barry Callebaut 723.4 -3 -9 -3 36.4 3,740 16.6 14.7 1.9 1.9 2.2 11.0 10.1 -0.1 Outperform ITRK Intertek Group 26.3 0 0 7 35.8 4,216 21.1 18.3 1.5 1.4 1.7 10.8 9.4 2.5 Outperform S:PSPN Psp Swiss Property Ag 64.5 -2 -4 -8 32.8 2,959 22.8 21.8 5.7 3.7 3.8 24.3 23.4 3.7 NR W:ELKB Elekta 'B' 36.3 -4 1 14 31.8 3,309 24.8 19.5 1.3 1.3 1.6 13.7 11.1 4.3 NR F:AKE Arkema 64.0 0 13 18 30.2 3,955 7.4 9.6 1.8 1.9 2.2 3.9 4.5 5.8 NR AGS Aegis Group 2.0 1 9 12 29.3 2,319 16.5 14.1 5.7 2.0 2.0 10.0 9.6 0.0 NR D:BNRX Brenntag (Xet) 84.1 2 8 3 27.9 4,331 15.0 12.9 0.6 2.4 2.8 8.7 8.0 -1.9 Outperform O:AND Andritz 73.0 0 3 1 27.8 3,796 16.9 15.4 1.2 2.9 3.5 7.1 6.5 4.3 NR D:GBFX Bilfinger Berger (Xet) 72.5 0 2 -2 27.3 3,337 14.4 13.0 1.7 4.1 3.7 9.0 8.5 -0.2 Underperform F:AXL Gemalto 42.1 -1 3 17 27.0 3,709 19.9 16.5 16.9 0.7 0.9 12.5 11.0 -4.1 NR

Worst FTEU Midi performers B:DEX Dexia 0.3 -5 6 -32 -88.2 639 n.m. 0.9 n.m. 0.0 12.2 283.1 226.1 n.a. NR G:EFG Efg Eurobank Ergasias 1.0 0 181 17 -77.6 524 n.m. n.m. n.a. 0.0 0.0 n.a. n.a. n.a. NR ESSR Essar Energy 1.6 -1 -27 -60 -72.5 2,073 11.4 6.1 0.3 0.0 0.0 7.7 3.9 -22.2 Outperform P:BCP Banco Comr.Portugues 0.2 26 22 33 -66.7 1,268 8.8 5.9 n.m. 0.0 5.7 39.9 43.1 -50.0 NR G:PPC Public Power 3.7 -11 -7 -41 -65.8 854 6.9 2.6 n.m. 5.7 14.1 5.0 3.8 -61.0 NR H:PNL Postnl 3.1 -2 12 -4 -63.1 1,220 6.3 4.9 n.m. 11.6 10.3 5.3 5.4 -7.5 Neutral G:HTO Hellenic Telecom.Org. 2.8 -5 -3 -24 -61.3 1,358 4.8 4.5 0.3 5.1 6.9 3.3 3.3 0.0 NR I:FNC Finmeccanica 3.4 -4 18 -32 -60.9 1,984 n.m. 9.0 n.m. 0.0 3.5 585.1 3.3 -373.5 NR B:BEKB Bekaert (D) 27.5 -14 -5 -17 -60.0 1,649 8.3 10.6 n.m. 4.9 4.5 4.2 5.3 -16.5 NR F:UTA Air France-Klm 5.1 2 22 -9 -59.3 1,534 n.m. n.m. n.a. 0.4 0.8 5.5 5.7 n.a. Underperform G:PIST Alpha Bank 1.7 9 253 43 -58.9 919 n.m. n.m. n.a. 0.0 0.6 n.a. n.a. n.a. NR G:ETE National Bk.Of Greece 3.0 4 94 39 -56.7 2,830 n.m. 18.5 n.m. 0.0 0.0 n.a. n.a. -436.0 NR I:BMPS Banca Monte Dei Paschi 0.3 13 39 5 -53.9 3,664 8.4 8.4 n.m. 3.0 3.0 47.7 72.1 0.0 NR EMG Man Group 1.6 13 12 -11 -52.0 2,948 18.0 12.5 n.a. 8.6 10.5 6.0 4.3 -18.2 Outperform F:PAJ Pagesjaunes 3.4 -7 19 8 -51.9 957 4.5 4.9 n.m. 14.4 13.2 6.0 6.1 -3.8 NR Source: Thomson Reuters


08 February 2012


12 month relative highs and lows Share Rel performance % Market Price rel (%) of 3y ann 1y P/E ratio Div yield Credit Suisse FTEU 100 stocks at relative highs price (€) 1w 1m 3m 12m cap (€m) 12m avg 20d avg volatily% beta 11E 12E 11E 12E Rating DK:NON Novo Nordisk 'B' 101.2 8 5 15 35 47,833 17.2 6 26 0.56 21.8 18.6 2.0 2.4 Neutral DGE Diageo 17.7 1 -3 5 31 44,196 16.0 1 19 0.57 16.5 14.8 2.9 3.1 Outperform B:ABI Anheuser-Busch Inbev 49.0 2 0 12 29 78,617 14.5 0 27 0.61 17.3 15.8 2.1 2.6 NR D:BMWX Bmw (Xet) 69.4 3 18 8 29 41,754 14.2 5 38 1.44 9.0 9.8 3.3 3.7 Outperform IMT Imperial Tobacco Gp. 29.1 3 -6 -2 36 29,166 13.5 2 20 0.32 11.9 10.9 4.4 4.8 Outperform SAB Sabmiller 29.9 0 0 5 32 47,630 13.4 1 24 0.83 19.3 16.7 2.2 2.5 NR BATS British American Tobacco 37.1 2 -5 -1 40 72,995 12.9 1 19 0.49 15.9 14.7 4.1 4.4 Outperform D:VO3X Volkswagen Pref. (Xet) 141.8 1 8 3 31 24,118 12.7 2 45 1.57 7.5 7.7 2.1 2.5 Outperform D:SAPX Sap (Xet) 48.0 0 7 0 21 58,926 11.1 4 22 0.83 15.6 14.0 1.6 1.8 Outperform W:SR@G Atlas Copco 'A' 18.9 1 3 13 20 15,889 11.0 1 37 1.40 15.3 14.1 3.2 3.4 Neutral

FTEU 100 stocks at relative lows I:UCG Unicredit 4.4 12 58 -24 -62 25,347 -43.7 21 59 1.99 13.3 10.7 0.0 3.0 Restricted F:CRDA Credit Agricole 5.3 8 20 -6 -50 13,147 -33.3 7 53 2.10 6.0 4.9 0.0 5.1 Underperform F:EDF Edf 18.6 2 -1 -21 -34 34,444 -24.1 2 30 1.18 10.1 8.9 6.3 6.6 Outperform F:SGE Societe Generale 23.8 13 45 24 -45 18,498 -23.0 15 58 2.52 6.3 5.8 1.0 4.4 Neutral E:ELE Endesa 15.4 -1 -7 -17 -22 16,289 -22.1 -2 28 1.02 7.7 7.6 6.5 6.6 NR LLOY Lloyds Banking Group 0.4 10 20 19 -40 29,052 -21.7 -2 67 1.78 14.0 10.5 0.0 0.0 Neutral M:NOKP Nokia 3.9 -2 -12 -28 -49 14,545 -21.4 -7 42 1.28 27.7 11.8 4.6 5.4 Outperform I:ENEL Enel 3.1 -4 -5 -15 -20 29,282 -19.8 -2 28 1.16 7.1 6.8 8.7 8.7 NR F:CRFR Carrefour 18.2 1 4 -14 -36 12,377 -18.4 2 32 1.40 13.0 12.1 4.4 4.6 Underperform I:TITR Telecom Italia Rsp 0.7 0 -9 -19 -17 3,995 -17.7 -5 29 0.84 n.a. n.a. n.a. n.a. Underperform

FTEU Midi stocks at relative highs AGS Aegis Group 2.0 1 9 12 29 2,319 23.0 3 30 1.13 16.5 14.1 2.0 2.0 NR F:AXL Gemalto 42.1 -1 3 17 27 3,709 18.2 3 32 0.97 19.9 16.5 0.7 0.9 NR E:PROB Grifols 15.3 6 12 16 52 3,254 17.6 7 29 0.63 25.0 18.0 0.1 0.3 NR W:ELKB Elekta 'B' 36.3 -4 1 14 32 3,309 17.4 0 35 0.90 24.8 19.5 1.3 1.6 NR IHG Ictl.Htls.Gp. 16.3 1 9 16 10 4,749 16.3 2 34 1.16 18.2 17.6 2.4 2.6 Neutral E:BKT Bankinter 'R' 5.3 1 11 15 22 2,545 16.1 1 40 1.15 14.4 12.7 3.4 3.6 NR D:G1AX Gea Group (Xet) 25.9 2 9 13 25 4,761 14.8 3 42 1.61 13.1 11.9 2.5 2.8 NR D:BO3X Boss (Hugo) Pref. (Xet) 76.0 8 15 4 46 2,625 14.3 8 44 1.31 19.9 17.6 3.5 4.1 Outperform W:BOL Boliden 13.8 2 5 23 -4 3,767 13.6 1 50 1.82 9.2 8.6 3.8 3.9 NR GKN Gkn 2.7 2 8 11 23 4,124 12.7 3 49 1.53 10.2 8.9 3.0 3.8 Neutral ITRK Intertek Group 26.3 0 0 7 36 4,216 12.0 0 28 0.88 21.1 18.3 1.4 1.7 Outperform BNZL Bunzl 10.4 -3 -8 2 23 3,450 11.8 -3 21 0.69 13.2 12.4 3.0 3.2 Underperform D:GBFX Bilfinger Berger (Xet) 72.5 0 2 -2 27 3,337 11.4 0 37 1.19 14.4 13.0 4.1 3.7 Underperform I:PC Pirelli 7.4 1 4 5 41 3,513 11.4 1 42 1.51 11.0 8.9 3.2 4.1 NR DK:FLB Flsmidth & Co.'B' 58.5 0 16 17 0 3,110 11.0 3 41 1.56 15.9 13.9 2.3 2.6 NR

FTEU Midi stocks at relative lows B:DEX Dexia 0.3 -5 6 -32 -88 639 -79.4 0 70 1.82 n.m. 0.9 0.0 12.2 NR ESSR Essar Energy 1.6 -1 -27 -60 -73 2,073 -58.8 -7 48 1.52 11.4 6.1 0.0 0.0 Outperform G:EFG Efg Eurobank Ergasias 1.0 0 181 17 -78 524 -57.8 48 83 1.04 n.m. n.m. 0.0 0.0 NR G:PPC Public Power 3.7 -11 -7 -41 -66 854 -53.0 1 45 0.61 6.9 2.6 5.7 14.1 NR F:CGE Alcatel-Lucent 1.5 3 10 -14 -38 3,374 -47.9 -1 55 1.70 6.3 7.7 0.7 1.4 Underperform G:HTO Hellenic Telecom.Org. 2.8 -5 -3 -24 -61 1,358 -46.2 -8 43 0.91 4.8 4.5 5.1 6.9 NR I:FNC Finmeccanica 3.4 -4 18 -32 -61 1,984 -45.7 1 39 1.29 n.m. 9.0 0.0 3.5 NR P:BCP Banco Comr.Portugues 0.2 26 22 33 -67 1,268 -45.3 22 45 1.01 8.8 5.9 0.0 5.7 NR B:BEKB Bekaert (D) 27.5 -14 -5 -17 -60 1,649 -45.1 -12 46 1.56 8.3 10.6 4.9 4.5 NR H:PNL Postnl 3.1 -2 12 -4 -63 1,220 -39.0 0 38 1.36 6.3 4.9 11.6 10.3 Neutral F:UTA Air France-Klm 5.1 2 22 -9 -59 1,534 -37.0 3 45 1.64 n.m. n.m. 0.4 0.8 Underperform I:BMPS Banca Monte Dei Paschi 0.3 13 39 5 -54 3,664 -34.4 22 45 1.51 8.4 8.4 3.0 3.0 NR P:BES Banco Espirito Santo 1.5 13 17 -2 -47 2,160 -33.6 11 44 1.06 7.8 5.3 2.0 4.1 NR G:OPAP Opap 7.1 -12 7 -12 -51 2,265 -32.5 -1 44 0.72 4.6 5.3 12.7 11.7 Outperform EMG Man Group 1.6 13 12 -11 -52 2,948 -31.4 8 50 1.29 18.0 12.5 8.6 10.5 Outperform Source: Thomson Reuters


08 February 2012


20 day relative highs and lows Share Rel performance % Market Price rel (%) of 3y ann 1y P/E ratio Div yield Credit Suisse FTEU 100 stocks at relative highs price (€) 1w 1m 3m 12m cap (€m) 12m avg 20d avg volatily% beta 11E 12E 11E 12E Rating I:UCG Unicredit 4.4 12 58 -24 -62 25,347 -44 20.9 59 1.99 13.3 10.7 0.0 3.0 Restricted F:SGE Societe Generale 23.8 13 45 24 -45 18,498 -23 15.0 58 2.52 6.3 5.8 1.0 4.4 Neutral D:RWEX Rwe (Xet) 32.4 7 8 1 -33 18,634 -9 9.2 29 1.50 7.7 7.9 6.8 6.6 Neutral RBS Royal Bank Of Sctl.Gp. 0.4 6 32 22 -28 20,504 9 8.8 62 1.85 17.5 11.7 0.0 0.0 Neutral I:ISP Intesa Sanpaolo 1.6 3 29 22 -28 24,027 -3 7.5 52 2.10 10.3 9.7 4.5 4.5 Neutral F:CRDA Credit Agricole 5.3 8 20 -6 -50 13,147 -33 7.1 53 2.10 6.0 4.9 0.0 5.1 Underperform E:SCH Banco Santander 6.5 6 16 7 -16 59,568 -5 6.4 42 1.34 7.9 7.3 8.6 8.9 Neutral DK:DSA A P Moller - Maersk 'A' 5709.3 3 9 19 -11 12,548 4 6.2 35 1.04 n.a. n.a. n.a. n.a. NR DK:NON Novo Nordisk 'B' 101.2 8 5 15 35 47,833 17 6.1 26 0.56 21.8 18.6 2.0 2.4 Neutral DK:DSB A P Moller - Maersk 'B' 5962.2 2 9 18 -10 13,104 4 6.1 37 1.04 15.1 13.0 2.0 2.2 NR

FTEU 100 stocks at relative lows I:TEN Tenaris 14.5 -7 -10 2 -7 17,071 -2 -7.5 38 1.41 17.4 13.6 2.0 2.4 Neutral E:REP Repsol Ypf 20.6 -5 -17 -11 -4 25,125 -9 -7.4 30 1.23 11.9 9.6 5.5 6.0 Outperform M:NOKP Nokia 3.9 -2 -12 -28 -49 14,545 -21 -7.3 42 1.28 27.7 11.8 4.6 5.4 Outperform W:SL@G Ericsson Tel.Cl 'B' 7.3 -1 -11 -15 -16 21,830 -17 -4.8 33 1.04 13.4 10.7 4.0 4.4 Neutral GSK Glaxosmithkline 16.9 -4 -12 -4 31 85,137 6 -4.8 20 0.47 11.4 10.5 5.2 5.5 Neutral I:TITR Telecom Italia Rsp 0.7 0 -9 -19 -17 3,995 -18 -4.8 29 0.84 n.a. n.a. n.a. n.a. Underperform AZN Astrazeneca 36.0 -6 -8 -6 12 46,076 2 -4.5 21 0.69 7.8 7.7 6.0 6.3 Underperform RDSB Royal Dutch Shell B 27.8 -3 -13 -3 18 73,948 6 -4.1 24 0.84 8.2 7.7 5.1 5.1 Neutral N:TEL Telenor 12.3 -5 -9 -13 19 19,742 1 -3.8 31 0.66 13.2 10.9 4.9 6.0 Outperform ULVR Unilever (Uk) 24.5 -4 -10 -8 23 31,415 3 -3.7 21 0.45 14.8 13.5 3.8 4.2 Underperform

FTEU Midi stocks at relative highs G:PIST Alpha Bank 1.7 9 253 43 -59 919 -30 78.1 81 1.24 n.m. n.m. 0.00 0.58 NR G:EFG Efg Eurobank Ergasias 1.0 0 181 17 -78 524 -58 47.6 83 1.04 n.m. n.m. 0.00 0.00 NR G:ETE National Bk.Of Greece 3.0 4 94 39 -57 2830 -23 38.0 72 1.23 n.m. 18.50 0.00 0.00 NR I:BP Banco Popolare 1.5 22 56 30 -42 2559 -5 26.4 54 1.53 13.19 11.16 1.38 2.76 NR B:KB Kbc Group 17.2 15 72 16 -38 6164 -18 24.4 73 2.08 8.05 4.77 1.51 2.85 NR P:BCP Banco Comr.Portugues 0.2 26 22 33 -67 1268 -45 22.4 45 1.01 8.80 5.87 0.00 5.68 NR I:BMPS Banca Monte Dei Paschi 0.3 13 39 5 -54 3664 -34 21.6 45 1.51 8.45 8.45 2.96 2.96 NR O:RAI Raiffeisen Bank Intl. 29.0 8 45 40 -29 5668 -4 18.5 57 1.71 7.67 8.01 1.28 2.10 Outperform H:APAM Aperam 16.4 2 42 22 -39 1284 -12 13.9 55 1.91 31.63 11.11 3.28 3.41 Outperform HAS Hays 1.0 9 16 -2 -29 1349 -10 13.0 33 1.21 16.17 13.86 6.19 5.15 Outperform P:BES Banco Espirito Santo 1.5 13 17 -2 -47 2160 -34 10.7 44 1.06 7.78 5.28 2.03 4.06 NR B:AGS Ageas (Ex-Fortis) 1.7 2 27 9 -21 4381 1 9.6 61 1.94 n.m. 8.35 4.19 5.99 Outperform IAP Icap 4.7 12 14 1 -22 3025 -9 9.1 44 1.09 10.40 9.75 5.13 5.34 Outperform O:IMMO Immofinanz 2.7 6 11 2 -9 3067 0 9.0 53 1.04 11.21 10.76 5.58 7.06 Outperform W:SE@G Electrolux 'B' 16.0 10 19 12 -8 4799 7 8.6 40 1.23 11.40 9.44 4.64 4.82 Outperform

FTEU Midi stocks at relative lows B:BEKB Bekaert (D) 27.5 -14 -5 -17 -60 1,649 -45 -12.1 46 1.56 8.3 10.6 4.9 4.5 NR M:KESK Kesko 'B' 24.1 -14 -12 -13 -19 1,610 -18 -11.4 32 1.07 13.0 12.0 5.0 5.3 NR M:OUTO Outokumpu 'A' 6.1 -6 4 -7 -49 1,116 -26 -11.3 48 1.49 60.9 9.0 2.5 4.3 Neutral S:LONN Lonza Group 42.1 -1 -16 -13 -23 2,226 -20 -11.1 33 1.11 11.1 9.5 3.9 4.1 NR W:SM@G Holmen 'B' 21.2 -7 -12 -5 -12 1,316 -6 -8.6 28 0.92 14.0 12.8 4.2 4.4 Underperform G:HTO Hellenic Telecom.Org. 2.8 -5 -3 -24 -61 1,358 -46 -7.8 43 0.91 4.8 4.5 5.1 6.9 NR ESSR Essar Energy 1.6 -1 -27 -60 -73 2,073 -59 -7.4 48 1.52 11.4 6.1 0.0 0.0 Outperform F:IPN Ipsen 22.0 -5 -15 -10 -1 1,853 -10 -7.2 30 0.83 12.2 11.6 3.5 3.7 Underperform G:HPI Hellenic Petroleum 5.7 -5 -14 -21 -16 1,736 -15 -7.1 36 0.53 11.4 7.4 7.6 8.3 NR D:FIEX Fielmann (Xet) 74.0 -10 -5 -11 20 3,108 -1 -6.3 23 0.60 23.4 21.4 3.6 3.9 NR D:KD8X Kabel Deutschland 38.6 -6 -9 -17 13 3,477 -7 -5.9 29 0.86 23.3 13.8 4.2 5.9 Neutral F:FCS Ciments Francais 57.3 -2 -8 -19 -7 2,050 -14 -4.7 35 1.07 12.8 13.3 5.2 5.0 NR D:QIAX Qiagen (Xet) 11.9 -8 -2 9 -5 2,787 -4 -4.4 25 0.66 15.5 14.2 0.0 0.0 NR COB Cobham 2.3 -1 -4 0 -4 2,436 -4 -4.2 25 0.76 9.8 9.4 3.5 3.5 Neutral F:MMB Lagardere Groupe 21.8 -3 -1 1 -27 2,870 -13 -4.0 35 1.26 10.9 9.8 6.0 6.2 Restricted Source: Thomson Reuters


08 February 2012


High and low beta Share Rel performance % Market Price rel % of 3y ann 1y P/E ratio Div yield Credit Suisse High beta FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) 12m avg 20d avg volatily% beta 11E 12E 11E 12E Rating F:SGE Societe Generale 23.8 13 45 24 -45 18,498 -23 15 58 2.52 6.3 5.8 1.0 4.4 Neutral H:ING Ing Groep 7.3 2 27 15 -11 28,076 1 4 63 2.30 5.4 5.6 0.0 1.6 Outperform F:MIDI Axa 12.7 5 22 11 -13 29,842 -1 6 52 2.11 6.7 6.7 5.6 6.2 Outperform I:ISP Intesa Sanpaolo 1.6 3 29 22 -28 24,027 -3 8 52 2.10 10.3 9.7 4.5 4.5 Neutral F:CRDA Credit Agricole 5.3 8 20 -6 -50 13,147 -33 7 53 2.10 6.0 4.9 0.0 5.1 Underperform BARC Barclays 2.8 7 19 23 -16 34,631 6 6 61 2.10 8.4 7.5 2.5 3.2 Outperform F:BNP Bnp Paribas 35.7 7 19 6 -30 43,159 -15 3 52 2.09 6.9 6.1 3.9 4.7 Outperform I:UCG Unicredit 4.4 12 58 -24 -62 25,347 -44 21 59 1.99 13.3 10.7 0.0 3.0 Restricted D:DBKX Deutsche Bank (Xet) 34.0 1 19 9 -20 31,557 -4 3 48 1.89 6.7 6.0 2.4 2.9 Outperform H:MT Arcelormittal 16.7 5 7 3 -33 26,052 -14 1 49 1.88 10.8 9.9 3.4 3.6 Outperform

Low beta FTEU 100 stocks IMT Imperial Tobacco Gp. 29.1 3 -6 -2 36 29,166 13 2 20 0.32 11.9 10.9 4.4 4.8 Outperform NG. National Grid 7.7 -2 -1 -3 29 27,523 6 0 20 0.36 13.1 12.1 6.1 6.3 Outperform S:NESN Nestle 'R' 44.3 -2 -6 -2 22 146,177 1 -2 17 0.41 17.8 16.3 3.6 3.9 Neutral H:UNIL Unilever Certs. 25.4 -3 -9 -6 27 39,265 5 -3 21 0.41 15.4 14.2 3.7 3.9 Underperform ULVR Unilever (Uk) 24.5 -4 -10 -8 23 31,415 3 -4 21 0.45 14.8 13.5 3.8 4.2 Underperform GSK Glaxosmithkline 16.9 -4 -12 -4 31 85,137 6 -5 20 0.47 11.4 10.5 5.2 5.5 Neutral BATS British American Tobacco 37.1 2 -5 -1 40 72,995 13 1 19 0.49 15.9 14.7 4.1 4.4 Outperform RB. Reckitt Benckiser Group 40.5 -4 -3 -3 9 29,538 3 -3 21 0.52 13.9 13.8 3.7 3.8 Outperform VOD Vodafone Group 2.1 -1 -9 -6 9 104,770 3 -2 22 0.53 11.1 10.5 7.6 7.1 Outperform S:NOVN Novartis 'R' 42.7 0 -10 -4 12 117,305 0 -3 18 0.56 10.3 9.8 4.4 4.7 Outperform

High beta FTEU Midi stocks F:BERT Faurecia 20.1 2 19 0 -14 2,217 -11 4 55 2.10 6.5 7.0 2.0 2.5 NR B:KB Kbc Group 17.2 15 72 16 -38 6,164 -18 24 73 2.08 8.0 4.8 1.5 2.8 NR F:GA@F Cie.Gl.De Gphyq.-Vert. 21.9 -1 7 23 -2 3,327 5 2 52 2.05 182.5 19.4 0.0 0.0 Neutral B:AGS Ageas (Ex-Fortis) 1.7 2 27 9 -21 4,381 1 10 61 1.94 n.m. 8.4 4.2 6.0 Outperform H:APAM Aperam 16.4 2 42 22 -39 1,284 -12 14 55 1.91 31.6 11.1 3.3 3.4 Outperform FXPO Ferrexpo 4.3 1 13 10 -11 2,531 -2 3 63 1.89 5.8 7.0 1.2 1.2 Neutral N:STB Storebrand 4.0 2 7 -15 -28 1,789 -23 0 52 1.86 8.8 6.5 3.5 5.0 Outperform W:SSAA Ssab 'A' 8.5 2 7 14 -24 2,037 -4 0 44 1.82 13.4 10.8 3.2 3.8 Outperform M:RRUK Rautaruukki 'K' 9.1 4 10 13 -42 1,271 -26 1 44 1.82 25.9 10.7 5.2 6.1 NR B:DEX Dexia 0.3 -5 6 -32 -88 639 -79 0 70 1.82 n.m. 0.9 0.0 12.2 NR W:BOL Boliden 13.8 2 5 23 -4 3,767 14 1 50 1.82 9.2 8.6 3.8 3.9 NR F:PGT Peugeot 15.7 7 16 -3 -43 3,663 -30 4 46 1.79 5.0 6.6 3.6 3.6 Underperform F:FGR Eiffage 25.5 5 27 -1 -28 2,223 -23 5 41 1.79 10.0 9.6 4.7 4.8 Underperform F:ERA Eramet 127.8 7 14 7 -48 3,388 -28 4 48 1.78 12.8 14.6 2.2 1.9 NR S:CLN Clariant 9.8 2 7 19 -17 2,906 -6 2 47 1.74 9.7 11.3 1.4 2.2 NR

Low beta FTEU Midi stocks ABG African Barrick Gold 6.3 -3 8 -14 11 2,568 2 4 37 0.39 11.8 8.7 1.1 1.3 NR S:BKW Bkw 30.6 -1 -9 -13 -44 1,605 -26 -3 33 0.40 n.a. n.a. n.a. n.a. NR S:BARN Barry Callebaut 723.4 -3 -9 -3 36 3,740 5 -4 24 0.44 16.6 14.7 1.9 2.2 Outperform S:PSPN Psp Swiss Property Ag 64.5 -2 -4 -8 33 2,959 -1 -2 19 0.45 22.8 21.8 3.7 3.8 NR P:CPR Cimentos De Portl.Sgps 5.1 -5 -7 -13 14 3,394 -4 -3 32 0.48 13.7 13.0 3.8 4.2 NR SVT Severn Trent 18.2 -4 -7 -9 16 4,335 3 -3 20 0.48 17.5 15.0 4.6 4.9 Neutral DRXG Drax Group 6.3 -5 -11 -10 46 2,307 7 -3 26 0.51 10.0 10.4 4.9 4.9 Underperform P:EDPR Edp Renovaveis 4.4 -2 -13 -8 12 3,881 -4 -2 29 0.51 29.7 21.2 0.2 0.4 NR G:HPI Hellenic Petroleum 5.7 -5 -14 -21 -16 1,736 -15 -7 36 0.53 11.4 7.4 7.6 8.3 NR F:MATI Bollore 158.6 -1 -3 -13 2 3,980 -6 -1 25 0.57 10.6 17.2 1.9 1.8 NR B:MOB Mobistar 40.4 2 -4 -9 -6 2,424 -14 0 21 0.59 10.8 11.0 9.3 9.1 Underperform S:EMS Ems-Chemie 'N' 142.1 0 0 3 24 3,324 2 0 24 0.60 17.7 17.8 4.1 4.3 NR D:FIEX Fielmann (Xet) 74.0 -10 -5 -11 20 3,108 -1 -6 23 0.60 23.4 21.4 3.6 3.9 NR G:PPC Public Power 3.7 -11 -7 -41 -66 854 -53 1 45 0.61 6.9 2.6 5.7 14.1 NR S:ARYN Aryzta N (Swx) 36.1 -1 -8 -4 20 3,175 -1 0 30 0.62 10.7 9.9 1.4 1.6 Outperform Source: Thomson Reuters


08 February 2012


Highest turnover of shares traded by value Share Rel performance % Market 5 day share volumes Price rel ( % ) of P/E ratio Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) €m % trd % 90d 12m avg 20d avg 11E 12E Rating I:UCG Unicredit 4.4 12 58 -24 -62 25,347 3,173 13.3 431 -44 21 13.3 10.7 Restricted E:SCH Banco Santander 6.5 6 16 7 -16 59,568 2,256 3.9 123 -5 6 7.9 7.3 Neutral D:DBKX Deutsche Bank (Xet) 34.0 1 19 9 -20 31,557 1,766 5.6 170 -4 3 6.7 6.0 Outperform E:TEF Telefonica 13.4 -3 -3 -14 -21 61,021 1,623 2.6 64 -16 -3 8.7 8.7 Neutral S:ROG Roche Holding 133.2 -1 -7 5 35 93,566 1,587 1.7 81 10 -3 11.9 10.9 Outperform I:ISP Intesa Sanpaolo 1.6 3 29 22 -28 24,027 1,464 6.1 210 -3 8 10.3 9.7 Neutral D:SIEX Siemens (Xet) 75.9 2 -6 -5 -11 69,351 1,445 2.1 56 -10 -2 11.5 10.5 Outperform RIO Rio Tinto 46.4 -2 9 4 -8 66,068 1,300 1.9 108 3 0 7.6 7.7 Outperform S:NOVN Novartis 'R' 42.7 0 -10 -4 12 117,305 1,266 1.1 55 0 -3 10.3 9.8 Outperform D:DAIX Daimler (Xet) 44.6 2 16 17 -9 47,596 1,225 2.6 82 2 4 8.8 9.1 Neutral E:REP Repsol Ypf 20.6 -5 -17 -11 -4 25,125 1,127 4.5 109 -9 -7 11.9 9.6 Outperform F:TAL Total 40.9 -2 -3 1 3 96,547 1,087 1.1 65 3 -1 7.9 7.7 Neutral E:BBVA Bbv.Argentaria 7.3 5 10 9 -9 35,573 1,050 3.0 96 0 4 8.5 8 Neutral VOD Vodafone Group 2.1 -1 -9 -6 9 104,770 1,050 1.0 61 3 -2 11.1 10.5 Outperform D:BASX Basf (Xet) 60.9 0 3 10 14 55,908 1,049 1.9 69 4 0 9.7 11.0 Outperform S:NESN Nestle 'R' 44.3 -2 -6 -2 22 146,177 1,032 0.7 39 1 -2 17.8 16.3 Neutral H:ING Ing Groep 7.3 2 27 15 -11 28,076 1,021 3.6 163 1 4 5.4 5.6 Outperform D:ALVX Allianz (Xet) 88.9 2 14 7 -8 40,485 1,019 2.5 65 1 3 12.7 7.7 Outperform D:BMWX Bmw (Xet) 69.4 3 18 8 29 41,754 993 2.4 81 14 5 9.0 9.8 Outperform F:SGE Societe Generale 23.8 13 45 24 -45 18,498 991 5.5 178 -23 15 6.3 5.8 Neutral

FTEU Midi stocks I:BMPS Banca Monte Dei Paschi 0.3 13 39 5 -54 3,664 490 13.4 1474 -34 22 8.4 8.4 NR W:SE@G Electrolux 'B' 16.0 10 19 12 -8 4,799 419 9.0 150 7 9 11.4 9.4 Outperform I:BP Banco Popolare 1.5 22 56 30 -42 2,559 246 10.1 557 -5 26 13.2 11.2 NR F:PGT Peugeot 15.7 7 16 -3 -43 3,663 230 6.3 172 -30 4 5.0 6.6 Underperform F:CGE Alcatel-Lucent 1.5 3 10 -14 -38 3,374 201 6.0 166 -48 -1 6.3 7.7 Underperform W:BOL Boliden 13.8 2 5 23 -4 3,767 177 4.7 59 14 1 9.2 8.6 NR I:FNC Finmeccanica 3.4 -4 18 -32 -61 1,984 174 8.6 379 -46 1 n.m. 9.0 NR B:KB Kbc Group 17.2 15 72 16 -38 6,164 158 2.6 302 -18 24 8.0 4.8 NR D:LXSX Lanxess (Xet) 54.0 5 18 15 5 4,491 144 3.2 101 9 6 8.5 10.2 NR I:MS Mediaset 2.5 8 15 -11 -42 2,984 139 4.7 126 -21 8 10.1 10.5 Underperform I:PC Pirelli 7.4 1 4 5 41 3,513 134 3.8 86 11 1 11.0 8.9 NR M:NOKT Nokian Renkaat 29.6 5 6 -2 19 3,838 130 3.5 94 1 4 12.8 12.7 NR W:SSAA Ssab 'A' 8.5 2 7 14 -24 2,037 128 6.3 132 -4 0 13.4 10.8 Outperform G:ETE National Bk.Of Greece 3.0 4 94 39 -57 2,830 126 4.7 553 -23 38 n.m. 18.5 NR EMG Man Group 1.6 13 12 -11 -52 2,948 125 4.3 183 -31 8 18.0 12.5 Outperform S:CLN Clariant 9.8 2 7 19 -17 2,906 114 3.9 65 -6 2 9.7 11.3 NR M:KESK Kesko 'B' 24.1 -14 -12 -13 -19 1,610 114 6.9 185 -18 -11 13.0 12.0 NR D:G1AX Gea Group (Xet) 25.9 2 9 13 25 4,761 111 2.4 84 15 3 13.1 11.9 NR W:EKBF Hexagon 'B' 14.2 4 9 19 -3 4,797 109 2.3 235 2 2 16.5 14.9 NR H:APAM Aperam 16.4 2 42 22 -39 1,284 108 8.9 n.a. -12 14 31.6 11.1 Outperform F:UTA Air France-Klm 5.1 2 22 -9 -59 1,534 105 6.8 167 -37 3 n.m. n.m. Underperform M:OUTO Outokumpu 'A' 6.1 -6 4 -7 -49 1,116 105 9.1 182 -26 -11 60.9 9.0 Neutral G:PIST Alpha Bank 1.7 9 253 43 -59 919 105 12.3 2045 -30 78 n.m. n.m. NR P:BCP Banco Comr.Portugues 0.2 26 22 33 -67 1,268 101 8.8 833 -45 22 8.8 5.9 NR DK:FLB Flsmidth & Co.'B' 58.5 0 16 17 0 3,110 101 3.3 124 11 3 15.9 13.9 NR IAG Intl.Cons.Airl.Gp.(Cdi) 2.2 0 17 15 -23 4,094 94 2.3 n.a. -2 3 15.8 44.2 Neutral N:AKSO Aker Solutions 10.3 6 14 7 -9 2,818 94 3.3 107 -5 5 21.0 12.1 NR E:ENAG Enagas 15.3 -3 3 -3 6 3,654 90 2.5 73 0 0 9.6 9.0 NR M:NEST Neste Oil 9.6 8 9 -2 -19 2,465 90 3.7 119 -5 5 10.0 7.8 Outperform F:GA@F Cie.Gl.De Gphyq.-Vert. 21.9 -1 7 23 -2 3,327 90 2.7 84 5 2 182.5 19.4 Neutral Source: Thomson Reuters


08 February 2012


Highest turnover of shares relative to 90 day average

Share Rel performance % Market 5 day share volumes Price rel (%) of P/E ratio Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) €m % trd % 90d 12m avg 20d avg 11E 12E Rating I:UCG Unicredit 4.4 12 58 -24 -62 25,347 3,173 13.3 431 -44 21 13.3 10.7 Restricted LLOY Lloyds Banking Group 0.4 10 20 19 -40 29,052 448 1.6 332 -22 -2 14.0 10.5 Neutral D:VO3X Volkswagen Pref. (Xet) 141.8 1 8 3 31 24,118 793 3.3 330 13 2 7.5 7.7 Outperform F:GSZ Gdf Suez 21.4 -1 -2 -5 -21 48,094 472 1.0 286 -11 -1 13.7 11.8 Underperform H:MT Arcelormittal 16.7 5 7 3 -33 26,052 761 3.0 248 -14 1 10.8 9.9 Outperform I:ISP Intesa Sanpaolo 1.6 3 29 22 -28 24,027 1,464 6.1 210 -3 8 10.3 9.7 Neutral M:FORT Fortum 18.2 4 7 -7 -8 16,124 362 2.3 193 -9 5 11.7 11.6 NR F:SGE Societe Generale 23.8 13 45 24 -45 18,498 991 5.5 178 -23 15 6.3 5.8 Neutral DK:DSB A P Moller - Maersk 'B' 5962.2 2 9 18 -10 13,104 265 2.0 175 4 6 15.1 13.0 NR D:DBKX Deutsche Bank (Xet) 34.0 1 19 9 -20 31,557 1,766 5.6 170 -4 3 6.7 6.0 Outperform H:ING Ing Groep 7.3 2 27 15 -11 28,076 1,021 3.6 163 1 4 5.4 5.6 Outperform W:VOBF Volvo 'B' 10.7 5 10 11 -6 15,708 809 4.8 158 3 5 11.8 9.8 Underperform F:CRDA Credit Agricole 5.3 8 20 -6 -50 13,147 305 2.4 154 -33 7 6.0 5 Underperform D:RWEX Rwe (Xet) 32.4 7 8 1 -33 18,634 822 4.5 150 -9 9 7.7 7.9 Neutral I:ENEL Enel 3.1 -4 -5 -15 -20 29,282 850 2.9 130 -20 -2 7.1 6.8 NR E:SCH Banco Santander 6.5 6 16 7 -16 59,568 2,256 3.9 123 -5 6 7.9 7.3 Neutral W:NDA Nordea Bank 6.9 4 6 0 -12 27,708 349 1.3 110 -3 3 9.8 8.6 Outperform DK:NON Novo Nordisk 'B' 101.2 8 5 15 35 47,833 545 1.2 109 17 6 21.8 18.6 Neutral E:REP Repsol Ypf 20.6 -5 -17 -11 -4 25,125 1,127 4.5 109 -9 -7 11.9 9.6 Outperform RIO Rio Tinto 46.4 -2 9 4 -8 66,068 1,300 1.9 108 3 0 7.6 7.7 Outperform

FTEU Midi stocks F:BERT Faurecia 20.1 2 19 0 -14 2,217 55 2.5 3290 -11 4 6.5 7.0 NR G:PIST Alpha Bank 1.7 9 253 43 -59 919 105 12.3 2045 -30 78 n.m. n.m. NR I:BMPS Banca Monte Dei Paschi 0.3 13 39 5 -54 3,664 490 13.4 1474 -34 22 8.4 8.4 NR G:EFG Efg Eurobank Ergasias 1.0 0 181 17 -78 524 32 6.5 1457 -58 48 n.m. n.m. NR D:SPRX Axel Springer (Xet) 37.0 0 0 -1 2 3,658 40 1.1 1106 9 -1 12.5 12.3 NR P:BCP Banco Comr.Portugues 0.2 26 22 33 -67 1,268 101 8.8 833 -45 22 8.8 5.9 NR I:BP Banco Popolare 1.5 22 56 30 -42 2,559 246 10.1 557 -5 26 13.2 11.2 NR G:ETE National Bk.Of Greece 3.0 4 94 39 -57 2,830 126 4.7 553 -23 38 n.m. 18.5 NR P:BES Banco Espirito Santo 1.5 13 17 -2 -47 2,160 58 2.9 552 -34 11 7.8 5.3 NR B:BEKB Bekaert (D) 27.5 -14 -5 -17 -60 1,649 86 5.0 427 -45 -12 8.3 10.6 NR M:SAA1 Sanoma 10.4 -2 11 4 -35 1,697 71 4.0 393 -12 -2 11.1 10.9 NR I:FNC Finmeccanica 3.4 -4 18 -32 -61 1,984 174 8.6 379 -46 1 n.m. 9.0 NR D:FIEX Fielmann (Xet) 74.0 -10 -5 -11 20 3,108 47 1.5 310 -1 -6 23.4 21.4 NR B:KB Kbc Group 17.2 15 72 16 -38 6,164 158 2.6 302 -18 24 8.0 4.8 NR B:AGS Ageas (Ex-Fortis) 1.7 2 27 9 -21 4,381 66 1.5 273 1 10 n.m. 8.4 Outperform O:IMMO Immofinanz 2.7 6 11 2 -9 3,067 38 1.3 235 0 9 11.2 10.8 Outperform W:EKBF Hexagon 'B' 14.2 4 9 19 -3 4,797 109 2.3 235 2 2 16.5 14.9 NR W:HUSB Husqvarna 'B' 4.3 3 5 10 -23 1,930 87 4.6 215 -2 0 18.7 14.9 NR F:GET Groupe Eurotunnel 6.4 -1 19 -9 -3 3,615 24 0.7 211 -5 4 322.5 215.0 Outperform HL. Hargreaves Lansdown 5.5 7 1 -13 -4 2,618 23 0.9 194 -11 3 19.7 16.7 Neutral M:KESK Kesko 'B' 24.1 -14 -12 -13 -19 1,610 114 6.9 185 -18 -11 13.0 12.0 NR EMG Man Group 1.6 13 12 -11 -52 2,948 125 4.3 183 -31 8 18.0 12.5 Outperform M:OUTO Outokumpu 'A' 6.1 -6 4 -7 -49 1,116 105 9.1 182 -26 -11 60.9 9.0 Neutral F:PGT Peugeot 15.7 7 16 -3 -43 3,663 230 6.3 172 -30 4 5.0 6.6 Underperform F:UTA Air France-Klm 5.1 2 22 -9 -59 1,534 105 6.8 167 -37 3 n.m. n.m. Underperform F:CGE Alcatel-Lucent 1.5 3 10 -14 -38 3,374 201 6.0 166 -48 -1 6.3 7.7 Underperform F:ICAD Icade 63.0 -2 9 -9 -14 3,266 22 0.7 165 -15 2 22.8 19.7 Outperform I:BZU Buzzi Unicem 8.5 1 15 7 -4 1,402 58 4.1 162 2 2 47.1 25.7 Neutral P:BRI Brisa Portugal 2.5 7 -11 -5 -49 1,481 15 1.1 157 -29 -3 12.3 15.4 Underperform F:BIM Biomerieux 66.9 1 13 -5 -10 2,638 13 0.5 153 -7 6 16.0 14.5 NR Source: Thomson Reuters


08 February 2012


High yield stocks Share Rel performance % Market Net div yield (%) Dividend (p) Div cover (x) 2y E Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) 10A 11E 12E 11E 12E 11E 12E dps % Rating F:FTEL France Telecom 11.6 -2 -7 -15 -23 30,846 12.0 12.02 11.9 1.4 1.4 1.1 1.1 -0.7 Restricted E:TEF Telefonica 13.4 -3 -3 -14 -21 61,021 10.5 10.92 10.5 1.5 1.4 1.0 1.1 0.4 Neutral F:EX@F Vivendi 16.2 -2 -8 -7 -18 20,193 8.6 9.02 9.2 1.5 1.5 1.6 1.6 3.2 Outperform I:ENEL Enel 3.1 -4 -5 -15 -20 29,282 9.0 8.67 8.7 0.3 0.3 1.6 1.7 -1.8 NR E:SCH Banco Santander 6.5 6 16 7 -16 59,568 9.2 8.56 8.9 0.6 0.6 1.5 1.6 -1.7 Neutral D:DTEX Deutsche Telekom (Xet) 8.9 0 -5 -10 -3 38,391 7.9 7.88 7.9 0.7 0.7 1.1 1.1 0.0 Underperform VOD Vodafone Group 2.1 -1 -9 -6 9 104,770 5.1 7.62 7.1 0.2 0.2 1.2 1.3 18.4 Outperform I:TIT Telecom Italia 0.8 1 -5 -15 -15 10,941 7.1 7.36 8.6 0.1 0.1 2.2 1.9 9.9 Neutral F:GSZ Gdf Suez 21.4 -1 -2 -5 -21 48,094 7.0 7.26 7.4 1.6 1.6 1.0 1.2 2.3 Underperform E:IBE Iberdrola 4.7 1 -3 -12 -15 27,983 7.2 7.04 7.3 0.3 0.3 1.5 1.5 0.1 NR D:RWEX Rwe (Xet) 32.4 7 8 1 -33 18,634 10.8 6.83 6.6 2.2 2.1 1.9 1.9 -22.0 Neutral E:ELE Endesa 15.4 -1 -7 -17 -22 16,289 6.6 6.50 6.6 1.0 1.0 2.0 2.0 0.1 NR W:TLSN Teliasonera 5.3 0 -5 -1 -7 22,852 n.a. 6.44 7.0 0.3 0.4 1.5 1.5 n.a. Neutral F:EDF Edf 18.6 2 -1 -21 -34 34,444 6.2 6.28 6.6 1.2 1.2 1.6 1.7 3.4 Outperform NG. National Grid 7.7 -2 -1 -3 29 27,523 5.6 6.09 6.3 0.5 0.5 1.3 1.3 6.0 Outperform I:ENI Eni 17.2 -2 -1 -1 4 68,852 5.8 5.99 6.2 1.0 1.1 1.9 2.1 3.0 Neutral D:MU2X Muenchener Ruck. (Xet) 107.6 4 9 5 -4 19,297 5.8 5.99 6.2 6.4 6.7 2.1 2.2 3.2 Outperform AZN Astrazeneca 36.0 -6 -8 -6 12 46,076 n.a. 5.98 6.3 2.2 2.3 2.1 2.1 n.a. Underperform D:EONX E On (Xet) 17.2 2 -5 -6 -23 34,397 8.7 5.88 6.3 1.0 1.1 1.2 1.5 -14.8 Neutral E:BBVA Bbv.Argentaria 7.3 5 10 9 -9 35,573 n.a. 5.65 5.9 0.4 0.4 2.1 2.2 n.a. Neutral FTEU Midi stocks F:PAJ Pagesjaunes 3.4 -7 19 8 -52 957 17.0 14.38 13.2 0.5 0.5 1.5 1.6 -11.9 NR G:OPAP Opap 7.1 -12 7 -12 -51 2,265 21.7 12.68 11.7 0.9 0.8 1.7 1.6 -26.6 Outperform P:BRI Brisa Portugal 2.5 7 -11 -5 -49 1,481 12.6 12.56 12.2 0.3 0.3 0.6 0.5 -1.6 Underperform H:PNL Postnl 3.1 -2 12 -4 -63 1,220 18.3 11.57 10.3 0.4 0.3 1.4 2.0 -25.1 Neutral B:MOB Mobistar 40.4 2 -4 -9 -6 2,424 10.6 9.34 9.1 3.8 3.7 1.0 1.0 -7.7 Underperform I:MS Mediaset 2.5 8 15 -11 -42 2,984 13.9 9.11 8.7 0.2 0.2 1.1 1.1 -20.7 Underperform EMG Man Group 1.6 13 12 -11 -52 2,948 n.a. 8.64 10.5 0.1 0.2 0.6 0.8 n.a. Outperform F:EULE Euler Hermes 50.9 -3 4 -12 -24 2,293 7.9 8.55 8.1 4.4 4.1 1.8 1.6 1.5 Neutral F:GARA Fonciere Des Regions 52.6 1 12 -8 -26 2,889 8.0 8.03 8.3 4.2 4.3 1.3 1.3 1.7 NR G:HPI Hellenic Petroleum 5.7 -5 -14 -21 -16 1,736 7.9 7.57 8.3 0.4 0.5 1.2 1.6 2.2 NR M:SAA1 Sanoma 10.4 -2 11 4 -35 1,697 n.a. 7.39 7.8 0.8 0.8 1.2 1.2 n.a. NR ADM Admiral Group 11.7 -1 8 -23 -37 3,158 7.0 7.38 8.1 0.9 1.0 1.1 1.1 7.9 Neutral H:VIB Corio 37.3 1 11 -3 -10 3,441 7.2 7.32 7.4 2.7 2.8 1.0 1.1 1.3 Neutral RSL Resolution 3.3 -3 3 -5 13 4,541 6.5 7.27 7.6 0.2 0.3 1.5 1.3 7.6 Neutral E:TL5 Mset.Esp.Comunicacion 4.9 6 12 -7 -44 1,987 7.2 7.17 6.3 0.4 0.3 1.1 1.1 -5.9 Underperform E:ENAG Enagas 15.3 -3 3 -3 6 3,654 n.a. 7.12 7.8 1.1 1.2 1.5 1.4 n.a. NR F:TVFS Tf1 (Tv.Fse.1) 8.7 0 8 -16 -36 1,838 6.3 7.12 7.0 0.6 0.6 1.4 1.3 5.3 Underperform E:FCC Fomento Constr.Y Cntr. 18.7 1 -7 -8 -9 2,384 n.a. 7.10 6.6 1.3 1.2 1.6 1.4 n.a. Underperform I:A2A A2A 0.7 -1 -3 -28 -28 2,331 8.1 6.72 6.7 0.1 0.1 1.2 1.4 -8.7 NR SGRO Segro 2.7 -1 5 -8 -22 2,007 6.3 6.64 6.6 0.2 0.2 1.2 1.2 2.6 Outperform S:BCV Banque Canton.Ve. 'N' 404.5 1 4 0 10 3,481 4.5 6.24 6.3 25.2 25.6 1.2 1.1 18.7 NR HAS Hays 1.0 9 16 -2 -29 1,349 7.2 6.19 5.2 0.1 0.1 1.0 1.4 -15.5 Outperform E:IDR Indra Sistemas 10.8 4 3 -18 -16 1,778 6.3 6.09 6.2 0.7 0.7 1.8 1.7 -0.7 NR S:BALN Baloise-Holding Ag 59.7 -2 7 -5 -17 2,986 6.2 6.06 6.3 3.6 3.8 0.8 2.1 0.5 Neutral W:RTBF Ratos 'B' 9.9 -1 -3 -4 -23 2,374 6.0 6.05 6.3 0.6 0.6 0.8 0.5 2.1 NR F:MMB Lagardere Groupe 21.8 -3 -1 1 -27 2,870 6.0 6.05 6.2 1.3 1.4 1.5 1.6 2.3 Restricted ISAT Inmarsat 5.2 5 -3 -11 -30 2,347 5.3 5.73 6.3 0.3 0.3 2.0 1.7 9.1 Outperform E:BTO Banco Espanol De 4.0 0 7 -8 -32 2,763 n.a. 5.72 7.2 0.2 0.3 2.1 2.1 n.a. NR G:PPC Public Power 3.7 -11 -7 -41 -66 854 21.5 5.71 14.1 0.2 0.5 2.5 2.7 -18.9 NR F:ICAD Icade 63.0 -2 9 -9 -14 3,266 11.6 5.58 5.8 3.5 3.7 0.8 0.9 -29.2 Outperform Source: Thomson Reuters


08 February 2012


Low P/E stocks Share Rel performance % Market P/E ratio PEG 2yE ann gwth (%) 3m eps Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) 10A 11E 12E ratio sales eps rev % Rating H:ING Ing Groep 7.3 2 27 15 -11 28,076 7.1 5.39 5.6 0.5 n.a. 13.2 -10.5 Outperform F:CRDA Credit Agricole 5.3 8 20 -6 -50 13,147 6.0 6.05 4.9 0.6 n.a. 10.1 -32.6 Underperform F:SGE Societe Generale 23.8 13 45 24 -45 18,498 4.8 6.27 5.8 n.m. n.a. -8.6 -17.4 Neutral I:TIT Telecom Italia 0.8 1 -5 -15 -15 10,941 5.2 6.27 6.3 n.m. 4.1 -9.3 0.0 Neutral D:DBKX Deutsche Bank (Xet) 34.0 1 19 9 -20 31,557 7.9 6.71 6.0 0.5 n.a. 14.9 -11.7 Outperform F:MIDI Axa 12.7 5 22 11 -13 29,842 8.1 6.73 6.7 0.8 n.a. 9.7 2.2 Outperform BP. Bp 5.8 -1 -5 0 12 110,665 64.1 6.78 6.5 0.3 0.0 214.5 2.4 Outperform F:BNP Bnp Paribas 35.7 7 19 6 -30 43,159 5.7 6.90 6.1 n.m. n.a. -3.9 -21.3 Outperform F:EX@F Vivendi 16.2 -2 -8 -7 -18 20,193 7.4 7.01 6.8 1.6 0.4 4.7 -4.1 Outperform I:ENEL Enel 3.1 -4 -5 -15 -20 29,282 6.6 7.08 6.8 n.m. 3.2 -1.1 -4.3 NR D:VO3X Volkswagen Pref. (Xet) 141.8 1 8 3 31 24,118 9.3 7.50 7.7 1.0 13.2 9.8 -5.5 Outperform RIO Rio Tinto 46.4 -2 9 4 -8 66,068 8.7 7.58 7.7 1.4 5.6 6.2 -7.6 Outperform F:FTEL France Telecom 11.6 -2 -7 -15 -23 30,846 5.8 7.61 8.0 n.m. -1.4 -14.5 -2.5 Restricted D:RWEX Rwe (Xet) 32.4 7 8 1 -33 18,634 4.6 7.69 7.9 n.m. -0.6 -23.5 -3.0 Neutral E:ELE Endesa 15.4 -1 -7 -17 -22 16,289 7.6 7.69 7.6 n.a. 3.7 0.0 -2.4 NR D:MU2X Muenchener Ruck. (Xet) 107.6 4 9 5 -4 19,297 n.a. 7.78 7.4 n.a. n.a. n.a. -3.3 Outperform AZN Astrazeneca 36.0 -6 -8 -6 12 46,076 6.5 7.78 7.7 n.m. -6.9 -8.0 3.1 Underperform E:SCH Banco Santander 6.5 6 16 7 -16 59,568 8.1 7.88 7.3 1.4 n.a. 5.9 -14.4 Neutral F:TAL Total 40.9 -2 -3 1 3 96,547 8.9 7.92 7.7 1.1 5.1 7.9 -1.7 Neutral RDSA Royal Dutch Shell A(Lon) 27.4 -2 -11 -2 16 100,371 7.9 8.07 7.6 4.0 -2.9 2.0 0.0 Neutral FTEU Midi stocks F:PAJ Pagesjaunes 3.4 -7 19 8 -52 957 4.0 4.54 4.9 n.m. -1.6 -9.3 -3.8 NR G:OPAP Opap 7.1 -12 7 -12 -51 2,265 3.9 4.55 5.3 n.m. -3.4 -13.5 -1.3 Outperform G:HTO Hellenic Telecom.Org. 2.8 -5 -3 -24 -61 1,358 6.4 4.78 4.5 0.3 -5.5 19.9 0.0 NR E:ALB Corporacion Finca.Alba 32.7 0 -4 -15 -17 1,903 4.6 4.86 6.2 n.m. n.a. -14.1 -0.9 NR F:PGT Peugeot 15.7 7 16 -3 -43 3,663 3.1 5.05 6.6 n.m. 1.4 -30.9 -37.2 Underperform FXPO Ferrexpo 4.3 1 13 10 -11 2,531 7.8 5.81 7.0 1.5 10.9 5.2 -2.6 Neutral N:KVAE Kvaerner 1.7 -3 26 16 n.a. 458 n.a. 6.07 8.9 n.a. n.a. n.a. 3.7 NR F:CGE Alcatel-Lucent 1.5 3 10 -14 -38 3,374 n.m. 6.32 7.7 n.m. -1.0 117.1 9.5 Underperform H:PNL Postnl 3.1 -2 12 -4 -63 1,220 2.1 6.35 4.9 n.m. -38.1 -35.0 -7.5 Neutral F:BERT Faurecia 20.1 2 19 0 -14 2,217 11.2 6.54 7.0 0.4 9.2 26.2 0.7 NR F:EULE Euler Hermes 50.9 -3 4 -12 -24 2,293 7.6 6.68 7.5 17.0 n.a. 0.4 -1.7 Neutral G:PPC Public Power 3.7 -11 -7 -41 -66 854 1.5 6.94 2.6 n.m. 0.2 -23.9 -61.0 NR F:AKE Arkema 64.0 0 13 18 30 3,955 10.8 7.35 9.6 1.8 4.0 5.8 5.8 NR I:EXOR Exor Ord 18.6 2 12 8 -11 2,987 27.5 7.43 7.2 0.3 n.a. 95.4 -48.7 NR LOG Logica 1.0 5 14 -5 -36 1,589 6.8 7.62 7.6 n.m. 2.0 -5.3 -7.1 NR O:RAI Raiffeisen Bank Intl. 29.0 8 45 40 -29 5,668 6.4 7.67 8.0 n.m. n.a. -10.9 -18.0 Outperform H:SBMO Sbm Offshore 13.9 4 -16 -22 -17 2,381 12.9 7.67 7.7 0.4 6.2 29.5 9.0 NR P:BES Banco Espirito Santo 1.5 13 17 -2 -47 2,160 13.0 7.78 5.3 0.2 n.a. 56.7 -29.6 NR B:KB Kbc Group 17.2 15 72 16 -38 6,164 5.3 8.05 4.8 1.1 n.a. 4.9 -56.9 NR B:BEKB Bekaert (D) 27.5 -14 -5 -17 -60 1,649 4.1 8.33 10.6 n.m. 0.5 -37.5 -16.5 NR E:BTO Banco Espanol De 4.0 0 7 -8 -32 2,763 6.3 8.38 6.6 n.m. n.a. -2.4 -17.2 NR I:BMPS Banca Monte Dei Paschi 0.3 13 39 5 -54 3,664 6.4 8.45 8.4 n.m. n.a. -13.1 0.0 NR D:LXSX Lanxess (Xet) 54.0 5 18 15 5 4,491 11.0 8.53 10.2 2.6 8.2 4.2 0.6 NR E:FCC Fomento Constr.Y Cntr. 18.7 1 -7 -8 -9 2,384 7.2 8.55 10.9 n.m. -2.8 -18.7 6.3 Underperform M:EGR Stora Enso 'R' 5.7 1 10 14 -28 3,466 7.1 8.58 10.5 n.m. 1.6 -17.6 -16.5 Outperform ISAT Inmarsat 5.2 5 -3 -11 -30 2,347 12.8 8.59 9.2 0.7 11.9 18.2 7.0 Outperform W:KIVB Kinnevik 'B' 16.2 -2 -1 -2 8 3,704 10.7 8.62 11.6 n.m. n.a. -3.8 9.9 NR P:BCP Banco Comr.Portugues 0.2 26 22 33 -67 1,268 4.3 8.80 5.9 n.m. n.a. -14.5 -50.0 NR DK:LUN H Lundbeck 15.4 -1 -1 0 12 3,029 9.1 8.82 11.9 n.m. -0.4 -12.3 0.6 Underperform N:STB Storebrand 4.0 2 7 -15 -28 1,789 7.3 8.84 6.5 1.2 n.a. 6.0 -13.5 Outperform Source: Thomson Reuters


08 February 2012


High P/E stocks Share Rel performance % Market P/E ratio PEG 2yE ann gwth (%) 3m eps Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) 10A 11E 12E ratio sales eps rev % Rating M:NOKP Nokia 3.9 -2 -12 -28 -49 14,545 13.4 27.71 11.8 2.0 -1.3 6.7 -41.7 Outperform DK:NON Novo Nordisk 'B' 101.2 8 5 15 35 47,833 25.1 21.77 18.6 1.6 10.4 16.0 5.9 Neutral E:IND Inditex 67.4 -2 1 -5 36 42,025 24.3 21.61 19.3 2.0 11.4 12.2 0.0 Outperform W:HMBF Hennes & Mauritz 'B' 26.3 2 1 3 19 38,394 24.2 21.19 18.9 1.8 11.2 13.2 0.0 Neutral SAB Sabmiller 29.9 0 0 5 32 47,630 20.8 19.31 16.7 1.8 5.8 11.6 -2.5 NR F:OR@F L'Oreal 82.3 -2 -4 -3 1 49,432 20.5 19.31 18.0 3.0 4.8 6.8 0.0 Underperform S:HOLN Holcim 'R' 46.9 4 6 1 -3 15,341 15.4 18.99 16.6 n.m. -1.3 -3.7 -1.6 Neutral BG. Bg Group 17.6 -1 -6 0 12 59,603 19.7 18.87 16.3 2.0 13.9 10.1 4.5 Outperform S:CFR Richemont 44.6 0 4 5 17 23,274 23.2 18.35 15.4 1.0 15.9 22.7 6.6 Neutral F:AIR Air Liquide 97.8 -2 -3 -1 14 27,757 19.7 18.04 17.0 2.6 5.9 7.7 -1.3 Neutral S:NESN Nestle 'R' 44.3 -2 -6 -2 22 146,177 16.1 17.79 16.3 n.m. -9.3 -0.5 1.2 Neutral F:LVMH Lvmh 125.3 -2 9 0 18 63,629 n.a. 17.72 15.7 n.a. 10.1 n.a. 1.3 Restricted RBS Royal Bank Of Sctl.Gp. 0.4 6 32 22 -28 20,504 25.0 17.50 11.7 0.5 n.a. 46.4 -33.3 Neutral I:TEN Tenaris 14.5 -7 -10 2 -7 17,071 20.2 17.42 13.6 0.9 19.1 21.6 -1.2 Neutral B:ABI Anheuser-Busch Inbev 49.0 2 0 12 29 78,617 20.7 17.30 15.8 1.4 5.6 14.5 4.0 NR S:SYNN Syngenta 243.1 2 0 1 12 22,795 19.6 17.02 15.1 1.4 10.4 14.0 3.6 Neutral F:BSN Danone 48.9 0 -4 -8 19 31,383 18.0 16.79 15.3 2.1 9.7 8.5 -1.4 Underperform D:LINX Linde (Xet) 124.4 -1 -1 3 25 21,260 18.3 16.56 15.7 2.3 5.8 8.0 -1.6 Outperform DGE Diageo 17.7 1 -3 5 31 44,196 17.7 16.51 14.8 1.9 6.7 9.1 2.9 Outperform BATS British American Tobacco 37.1 2 -5 -1 40 72,995 17.6 15.91 14.7 1.9 3.9 9.4 2.6 Outperform

FTEU Midi stocks F:GET Groupe Eurotunnel 6.4 -1 19 -9 -3 3,615 n.m. 322.45 215.0 n.m. 8.6 50.8 -33.3 Outperform F:GA@F Cie.Gl.De Gphyq.-Vert. 21.9 -1 7 23 -2 3,327 n.m. 182.54 19.4 n.m. 9.5 126.7 -7.7 Neutral M:OUTO Outokumpu 'A' 6.1 -6 4 -7 -49 1,116 n.m. 60.90 9.0 n.m. 1.3 58.7 -58.3 Neutral I:BZU Buzzi Unicem 8.5 1 15 7 -4 1,402 35.3 47.11 25.7 2.0 4.8 17.3 -10.0 Neutral H:APAM Aperam 16.4 2 42 22 -39 1,284 n.m. 31.63 11.1 n.m. 1.1 114.0 -57.0 Outperform P:EDPR Edp Renovaveis 4.4 -2 -13 -8 12 3,881 49.4 29.66 21.2 0.9 21.8 52.8 0.0 NR S:NOBE Nobel Biocare Holding 10.7 -3 6 15 -23 1,321 28.8 26.03 20.1 1.5 1.6 19.7 -12.8 Underperform M:RRUK Rautaruukki 'K' 9.1 4 10 13 -42 1,271 52.4 25.89 10.7 0.4 3.2 121.7 -55.1 NR E:PROB Grifols 15.3 6 12 16 52 3,254 24.6 25.03 18.0 1.4 56.7 17.1 0.0 NR W:ELKB Elekta 'B' 36.3 -4 1 14 32 3,309 29.3 24.84 19.5 1.3 17.1 22.6 4.3 NR D:FIEX Fielmann (Xet) 74.0 -10 -5 -11 20 3,108 26.4 23.42 21.4 2.4 6.4 11.0 0.0 NR D:KD8X Kabel Deutschland 38.6 -6 -9 -17 13 3,477 n.m. 23.27 13.8 n.m. 6.3 175.3 21.2 Neutral F:ICAD Icade 63.0 -2 9 -9 -14 3,266 53.6 22.84 19.7 0.8 n.a. 65.0 -1.4 Outperform S:PSPN Psp Swiss Property Ag 64.5 -2 -4 -8 33 2,959 23.6 22.80 21.8 5.7 n.a. 4.1 3.7 NR D:HHFX Hamburger Hafen Logistik 25.6 1 5 8 -17 1,792 25.6 22.27 19.4 1.7 9.3 14.9 -3.4 NR LMI Lonmin 12.7 -1 0 -8 -36 2,573 15.1 21.88 13.2 2.2 5.8 6.8 -37.0 Underperform CSCG Capital Shopcts.Group 4.1 1 4 1 0 3,521 22.1 21.53 20.5 5.6 n.a. 4.0 0.0 Neutral E:ACX Acerinox 'R' 11.3 1 3 7 -3 2,817 23.1 21.32 15.3 1.0 6.3 22.9 -29.3 Neutral W:RTBF Ratos 'B' 9.9 -1 -3 -4 -23 2,374 16.2 21.09 31.0 n.m. n.a. -27.6 -11.3 NR ITRK Intertek Group 26.3 0 0 7 36 4,216 24.6 21.06 18.3 1.5 18.9 15.9 2.5 Outperform N:AKSO Aker Solutions 10.3 6 14 7 -9 2,818 13.2 21.00 12.1 3.0 -10.6 4.4 -22.2 NR S:SIK Sika 'B' 1648.6 1 6 17 14 3,546 16.0 20.70 15.8 22.0 4.6 0.7 -9.3 Neutral S:BALN Baloise-Holding Ag 59.7 -2 7 -5 -17 2,986 8.1 20.11 7.7 3.2 n.a. 2.5 -56.8 Neutral D:BO3X Boss (Hugo) Pref. (Xet) 76.0 8 15 4 46 2,625 26.2 19.90 17.6 1.2 12.7 22.2 1.9 Outperform F:AXL Gemalto 42.1 -1 3 17 27 3,709 16.9 19.88 16.5 16.9 6.5 1.0 -4.1 NR HMSNO Hammerson 4.5 -4 -1 -11 -4 3,232 19.0 19.74 18.9 90.9 n.a. 0.2 0.0 Outperform HL. Hargreaves Lansdown 5.5 7 1 -13 -4 2,618 23.0 19.71 16.7 1.3 n.a. 17.3 0.0 Neutral DK:ROC Rockwool 'B' 74.4 -1 6 -3 -1 799 23.4 19.42 15.9 1.1 10.8 21.4 9.4 NR S:PGHB Partners Group Holding 138.7 0 0 -4 16 3,704 15.0 19.35 16.1 n.m. n.a. -3.6 0.1 Neutral I:MED Mediolanum 3.5 2 18 15 -5 2,543 11.3 19.26 10.5 2.9 n.a. 3.8 -30.8 NR Source: Thomson Reuters


08 February 2012


Best 1 month earnings breadth Share Rel performance % Market EPS breadth EPS rev % P/E ratio Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) 1m 3m 1m 3m 10A 11E 12E Rating DK:NON Novo Nordisk 'B' 101.2 8 5 15 35 47,833 68.6 19 4.5 5.9 25.1 21.8 18.6 Neutral W:SR@G Atlas Copco 'A' 18.9 1 3 13 20 15,889 63.3 44 3.3 5.1 15.7 15.3 14.1 Neutral F:LVMH Lvmh 125.3 -2 9 0 18 63,629 57.1 18 1.7 1.3 n.a. 17.7 15.7 Restricted D:SAPX Sap (Xet) 48.0 0 7 0 21 58,926 51.2 35.5 3.0 3.0 17.0 15.6 14.0 Outperform S:CFR Richemont 44.6 0 4 5 17 23,274 46.4 30 3.0 6.6 23.2 18.3 15.4 Neutral M:FORT Fortum 18.2 4 7 -7 -8 16,124 28.6 -12 -2.5 -4.9 13.8 11.7 11.6 NR GSK Glaxosmithkline 16.9 -4 -12 -4 31 85,137 24.0 7 -0.7 4.2 12.2 11.4 10.5 Neutral RB. Reckitt Benckiser Group 40.5 -4 -3 -3 9 29,538 16.0 -4 -0.3 3.2 14.9 13.9 13.8 Outperform D:LINX Linde (Xet) 124.4 -1 -1 3 25 21,260 13.8 -9 0.1 -1.6 18.3 16.6 15.7 Outperform SAB Sabmiller 29.9 0 0 5 32 47,630 10.7 -23 -5.5 -2.5 20.8 19.3 16.7 NR D:DTEX Deutsche Telekom (Xet) 8.9 0 -5 -10 -3 38,391 6.3 10 20.6 16.9 11.4 11.7 11.8 Underperform D:RWEX Rwe (Xet) 32.4 7 8 1 -33 18,634 5.9 -9 -0.7 -3.0 4.6 7.7 7.9 Neutral F:OR@F L'Oreal 82.3 -2 -4 -3 1 49,432 5.7 -6 0.2 0.0 20.5 19.3 18.0 Underperform NG. National Grid 7.7 -2 -1 -3 29 27,523 5.0 -3 -1.7 1.7 12.5 13.1 12.1 Outperform F:DG@F Vinci (Ex Sge) 36.8 0 3 -1 -6 20,873 4.0 -6 -0.6 -0.9 11.2 10.6 10.6 Outperform STAN Standard Chartered 19.1 0 5 7 4 45,466 3.4 -7 -3.8 4.1 13.1 12.6 11.8 Underperform E:IBE Iberdrola 4.7 1 -3 -12 -15 27,983 3.2 -3.3 0.0 0.0 9.0 9.4 9.0 NR DGE Diageo 17.7 1 -3 5 31 44,196 3.1 3 -0.9 2.9 17.7 16.5 14.8 Outperform D:BMWX Bmw (Xet) 69.4 3 18 8 29 41,754 3.0 16 0.3 2.4 14.1 9.0 9.8 Outperform AZN Astrazeneca 36.0 -6 -8 -6 12 46,076 2.9 1 -4.0 3.1 6.5 7.8 7.7 Underperform

FTEU Midi stocks W:IU Industrivarden 'A' 12.0 2 8 18 3 3,232 100.0 33 0.0 n.a. 2.9 n.m. 19.4 NR LSE London Stock Ex.Group 11.3 4 12 -2 17 3,050 72.2 51 3.7 16.8 12.9 10.1 10.5 Neutral DK:ROC Rockwool 'B' 74.4 -1 6 -3 -1 799 50.0 37 4.1 9.4 23.4 19.4 15.9 NR W:KIVB Kinnevik 'B' 16.2 -2 -1 -2 8 3,704 50.0 17 0.0 9.9 10.7 8.6 11.6 NR F:BIC Bic 71.5 1 0 1 26 3,408 36.4 3 0.4 -0.2 15.9 14.0 13.4 NR W:SUBF Securitas 'B' 7.5 1 -2 9 -7 2,605 33.3 40 1.6 6.6 10.3 11.5 10.5 Underperform F:BERT Faurecia 20.1 2 19 0 -14 2,217 33.3 13 0.0 0.7 11.2 6.5 7.0 NR M:OUTO Outokumpu 'A' 6.1 -6 4 -7 -49 1,116 31.6 -28 42.9 -58.3 n.m. 60.9 9.0 Neutral O:IMMO Immofinanz 2.7 6 11 2 -9 3,067 30.8 14 0.0 4.3 9.0 11.2 10.8 Outperform B:AGS Ageas (Ex-Fortis) 1.7 2 27 9 -21 4,381 27.8 -14 -40.0 -566.7 9.8 n.m. 8.4 Outperform S:SIK Sika 'B' 1648.6 1 6 17 14 3,546 25.0 -21 0.3 -9.3 16.0 20.7 15.8 Neutral S:PSPN Psp Swiss Property Ag 64.5 -2 -4 -8 33 2,959 22.2 10 1.4 3.7 23.6 22.8 21.8 NR IAP Icap 4.7 12 14 1 -22 3,025 22.2 -20 -2.2 -4.3 9.9 10.4 9.8 Outperform IHG Ictl.Htls.Gp. 16.3 1 9 16 10 4,749 21.7 19 -2.2 8.4 22.6 18.2 17.6 Neutral D:SZGX Salzgitter (Xet) 46.8 -1 9 6 -19 2,811 21.4 6 1.2 -2.6 85.1 18.1 13.8 Neutral F:SEB Seb 66.6 1 8 1 4 3,327 21.4 2 -1.1 -0.9 14.6 12.6 12.5 NR D:G1AX Gea Group (Xet) 25.9 2 9 13 25 4,761 19.2 15 2.6 0.0 n.a. 13.1 11.9 NR H:FUG Fugro 52.7 1 9 19 -3 4,290 18.8 13 -0.3 0.6 15.4 15.9 13.4 NR S:CLN Clariant 9.8 2 7 19 -17 2,906 18.2 28 1.0 12.2 6.1 9.7 11.3 NR F:AKE Arkema 64.0 0 13 18 30 3,955 17.6 8 1.9 5.8 10.8 7.4 9.6 NR F:NK Imerys 43.1 -2 11 -2 -6 3,232 16.7 3 -0.8 -1.0 13.5 11.0 11.4 NR F:GET Groupe Eurotunnel 6.4 -1 19 -9 -3 3,615 16.7 -2 100.0 -33.3 n.m. 322.5 215.0 Outperform W:ELKB Elekta 'B' 36.3 -4 1 14 32 3,309 16.7 9 0.0 4.3 29.3 24.8 19.5 NR W:SE@G Electrolux 'B' 16.0 10 19 12 -8 4,799 16.7 11 0.0 -4.8 18.3 11.4 9.4 Outperform I:MED Mediolanum 3.5 2 18 15 -5 2,543 15.4 -19 -5.3 -30.8 11.3 19.3 10.5 NR HL. Hargreaves Lansdown 5.5 7 1 -13 -4 2,618 15.4 0 0.0 0.0 23.0 19.7 16.7 Neutral I:BP Banco Popolare 1.5 22 56 30 -42 2,559 14.3 -2 10.0 -8.3 5.9 13.2 11.2 NR D:LXSX Lanxess (Xet) 54.0 5 18 15 5 4,491 13.8 12 -0.2 0.6 11.0 8.5 10.2 NR F:GARA Fonciere Des Regions 52.6 1 12 -8 -26 2,889 13.3 9 -0.2 -0.2 8.9 9.6 9.5 NR O:STR Strabag Se 23.0 -1 -7 -7 14 2,625 12.5 0 0.6 1.2 15.1 13.3 12.9 NR Source: Thomson Reuters


08 February 2012


Worst 1 month earnings breadth Share Rel performance % Market EPS breadth EPS rev % P/E ratio Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) 1m 3m 1m 3m 10A 11E 12E Rating W:SL@G Ericsson Tel.Cl 'B' 7.3 -1 -11 -15 -16 21,830 -75.7 -35 -25.0 -25.0 13.5 13.4 10.7 Neutral RDSA Royal Dutch Shell A(Lon) 27.4 -2 -11 -2 16 100,371 -70.6 -7 -5.8 0.0 7.9 8.1 7.6 Neutral M:NOKP Nokia 3.9 -2 -12 -28 -49 14,545 -66.7 0 -39.1 -41.7 13.4 27.7 11.8 Outperform RDSB Royal Dutch Shell B 27.8 -3 -13 -3 18 73,948 -63.6 -4.7 -5.3 1.2 8.0 8.2 7.7 Neutral D:SIEX Siemens (Xet) 75.9 2 -6 -5 -11 69,351 -60.6 -43 -4.7 -11.7 9.8 11.5 10.5 Outperform TSCO Tesco 4.0 -1 -21 -24 -9 31,676 -58.8 -27 -4.7 -2.4 9.2 9.6 9.2 Neutral D:VO3X Volkswagen Pref. (Xet) 141.8 1 8 3 31 24,118 -57.9 7 -2.2 -5.5 9.3 7.5 7.7 Outperform AAL Anglo American 34.4 5 9 13 -7 45,580 -57.1 -29 -10.8 -9.8 11.5 9.3 9.5 Neutral GLEN Glencore International 5.3 3 5 -5 n.a. 36,781 -53.8 -36 -14.0 -14.0 n.a. 10.8 9.7 Outperform IMT Imperial Tobacco Gp. 29.1 3 -6 -2 36 29,166 -50.0 -31 -1.6 1.7 13.0 11.9 10.9 Outperform I:ENI Eni 17.2 -2 -1 -1 4 68,852 -45.9 -10 -4.8 -4.8 9.0 8.6 7.7 Neutral F:GSZ Gdf Suez 21.4 -1 -2 -5 -21 48,094 -44.8 -32 -3.7 -9.8 11.2 13.7 11.8 Underperform E:REP Repsol Ypf 20.6 -5 -17 -11 -4 25,125 -43.9 -28 -6.0 -8.9 10.6 11.9 9.6 Outperform F:CRFR Carrefour 18.2 1 4 -14 -36 12,377 -40.5 -19 -2.8 -4.8 9.0 13.0 12.1 Underperform W:NDA Nordea Bank 6.9 4 6 0 -12 27,708 -40.0 -35 -6.7 -11.4 9.4 9.8 8.6 Outperform N:TEL Telenor 12.3 -5 -9 -13 19 19,742 -38.9 -13 -3.1 -3.1 19.9 13.2 10.9 Outperform W:TLSN Teliasonera 5.3 0 -5 -1 -7 22,852 -38.7 -17 -1.9 0.0 11.0 10.2 9.8 Neutral ULVR Unilever (Uk) 24.5 -4 -10 -8 23 31,415 -36.8 -27 -5.7 -4.6 16.7 14.8 13.5 Underperform E:SCH Banco Santander 6.5 6 16 7 -16 59,568 -35.9 -40 -5.7 -14.4 8.1 7.9 7.3 Neutral H:MT Arcelormittal 16.7 5 7 3 -33 26,052 -35.7 -28 -9.9 -17.6 9.4 10.8 9.9 Outperform

FTEU Midi stocks W:RTBF Ratos 'B' 9.9 -1 -3 -4 -23 2374 -100.0 -66.7 -2.1 -11.3 16.2 21.1 31.0 NR ISYS Invensys 2.6 2 -6 -5 -30 2092 -85.7 -44 -30.8 -33.3 9.7 14.3 10.3 Neutral M:KESK Kesko 'B' 24.1 -14 -12 -13 -19 1610 -75.0 -42 -4.6 -8.4 13.2 13.0 12.0 NR S:LONN Lonza Group 42.1 -1 -16 -13 -23 2226 -73.3 -32 -16.7 -18.5 11.7 11.1 9.5 NR D:HOTX Hochtief (Xet) 52.7 3 9 -5 -11 4059 -63.6 -59 -57.9 -194.6 12.2 n.m. 12.6 NR W:MOTB Modern Times Gp.Mtg 'B' 40.8 3 6 -2 -12 2485 -61.1 -25 -1.9 0.7 13.2 13.4 12.5 NR D:SOWX Software (Xet) 26.7 4 -18 -20 -25 2318 -59.3 -4 -11.9 -11.2 13.2 11.7 10.9 NR LMI Lonmin 12.7 -1 0 -8 -36 2573 -57.1 -33 -21.6 -37.0 15.1 21.9 13.2 Underperform H:APAM Aperam 16.4 2 42 22 -39 1284 -45.5 -34 -32.5 -57.0 n.m. 31.6 11.1 Outperform S:PGHB Partners Group Holding 138.7 0 0 -4 16 3704 -45.5 -18 -1.1 0.1 15.0 19.3 16.1 Neutral ABG African Barrick Gold 6.3 -3 8 -14 11 2568 -42.9 -46 -8.6 -5.4 15.6 11.8 8.7 NR B:KB Kbc Group 17.2 15 72 16 -38 6164 -42.9 -51 -26.0 -56.9 5.3 8.0 4.8 NR E:BTO Banco Espanol De 4.0 0 7 -8 -32 2763 -40.9 -18 -14.3 -17.2 6.3 8.4 6.6 NR M:RRUK Rautaruukki 'K' 9.1 4 10 13 -42 1271 -38.9 -52 -12.5 -55.1 52.4 25.9 10.7 NR S:ARYN Aryzta N (Swx) 36.1 -1 -8 -4 20 3175 -37.5 -13 -0.6 -1.5 11.6 10.7 9.9 Outperform W:SM@G Holmen 'B' 21.2 -7 -12 -5 -12 1316 -37.5 6 -5.0 -2.6 12.0 14.0 12.8 Underperform INVP Investec 4.7 0 9 0 -11 2804 -37.5 -36 -3.7 -10.3 9.7 9.0 7.3 NR D:QIAX Qiagen (Xet) 11.9 -8 -2 9 -5 2787 -37.5 -7 -7.2 -1.3 16.1 15.5 14.2 NR H:PNL Postnl 3.1 -2 12 -4 -63 1220 -35.3 -23 -5.8 -7.5 2.1 6.3 4.9 Neutral F:BIM Biomerieux 66.9 1 13 -5 -10 2638 -33.3 -46 -0.2 -3.2 15.6 16.0 14.5 NR I:EXOR Exor Ord 18.6 2 12 8 -11 2987 -33.3 -11 0.0 -48.7 27.5 7.4 7.2 NR HAS Hays 1.0 9 16 -2 -29 1349 -32.0 -14 -14.3 -14.3 15.9 16.2 13.9 Outperform N:STB Storebrand 4.0 2 7 -15 -28 1789 -31.3 -26 -4.3 -13.5 7.3 8.8 6.5 Outperform P:BES Banco Espirito Santo 1.5 13 17 -2 -47 2160 -30.8 -23 -9.5 -29.6 13.0 7.8 5.3 NR G:HPI Hellenic Petroleum 5.7 -5 -14 -21 -16 1736 -30.8 -35 -3.8 -19.4 9.6 11.4 7.4 NR FXPO Ferrexpo 4.3 1 13 10 -11 2531 -29.4 -15 -6.3 -2.6 7.8 5.8 7.0 Neutral III 3I Group 2.4 4 5 -4 -30 2341 -28.6 -32 -39.1 n.a. 10.3 n.m. 6.5 NR P:CPR Cimentos De Portl.Sgps 5.1 -5 -7 -13 14 3394 -28.6 -20 -9.8 -11.9 14.0 13.7 13.0 NR GKN Gkn 2.7 2 8 11 23 4124 -28.6 -8 0.0 4.0 12.0 10.2 8.9 Neutral SGRO Segro 2.7 -1 5 -8 -22 2007 -27.8 -17 0.0 0.0 13.2 12.9 12.9 Outperform Source: Thomson Reuters


08 February 2012


Best 3 month earnings breadth Share Rel performance % Market EPS breadth EPS rev % P/E ratio Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) 1m 3m 1m 3m 10A 11E 12E Rating W:SR@G Atlas Copco 'A' 18.9 1 3 13 20 15,889 63 44.1 3.3 5.1 15.7 15.3 14.1 Neutral D:SAPX Sap (Xet) 48.0 0 7 0 21 58,926 51 35.5 3.0 3.0 17.0 15.6 14.0 Outperform S:CFR Richemont 44.6 0 4 5 17 23,274 46 29.6 3.0 6.6 23.2 18.3 15.4 Neutral DK:NON Novo Nordisk 'B' 101.2 8 5 15 35 47,833 69 19.2 4.5 5.9 25.1 21.8 18.6 Neutral F:LVMH Lvmh 125.3 -2 9 0 18 63,629 57 18.3 1.7 1.3 n.a. 17.7 15.7 Restricted D:BMWX Bmw (Xet) 69.4 3 18 8 29 41,754 3 16.0 0.3 2.4 14.1 9.0 9.8 Outperform F:EDF Edf 18.6 2 -1 -21 -34 34,444 -4 11.6 0.5 1.1 8.7 10.1 8.9 Outperform D:DTEX Deutsche Telekom (Xet) 8.9 0 -5 -10 -3 38,391 6 9.7 20.6 16.9 11.4 11.7 11.8 Underperform B:ABI Anheuser-Busch Inbev 49.0 2 0 12 29 78,617 -18 7.9 -4.4 4.0 20.7 17.3 15.8 NR GSK Glaxosmithkline 16.9 -4 -12 -4 31 85,137 24 7.3 -0.7 4.2 12.2 11.4 10.5 Neutral D:BAYX Bayer (Xet) 55.0 -1 0 9 11 45,507 -10 7.3 0.2 -1.5 13.1 11.6 11.2 Outperform I:TIT Telecom Italia 0.8 1 -5 -15 -15 10,941 0 6.9 0.0 0.0 5.2 6.3 6.3 Neutral D:VO3X Volkswagen Pref. (Xet) 141.8 1 8 3 31 24,118 -58 6.7 -2.2 -5.5 9.3 7.5 7.7 Outperform S:UBSN Ubs 'R' 10.8 0 12 10 -12 41,272 -16 5.3 -5.0 -7.4 11.8 9.5 8.0 Neutral DGE Diageo 17.7 1 -3 5 31 44,196 3 3.1 -0.9 2.9 17.7 16.5 14.8 Outperform BARC Barclays 2.8 7 19 23 -16 34,631 -13 2.0 -2.9 6.3 10.0 8.4 7.5 Outperform BATS British American Tobacco 37.1 2 -5 -1 40 72,995 -10 1.7 -0.9 2.6 17.6 15.9 14.7 Outperform S:SYNN Syngenta 243.1 2 0 1 12 22,795 -10 1.1 -4.4 3.6 19.6 17.0 15.1 Neutral AZN Astrazeneca 36.0 -6 -8 -6 12 46,076 3 1.1 -4 3.1 6.5 7.8 7.7 Underperform VOD Vodafone Group 2.1 -1 -9 -6 9 104,770 -13 1.0 0 5.6 10.6 11.1 10.5 Outperform

FTEU Midi stocks LSE London Stock Ex.Group 11.3 4 12 -2 17 3,050 72 51.0 3.7 16.8 12.9 10.1 10.5 Neutral W:SUBF Securitas 'B' 7.5 1 -2 9 -7 2,605 33 39.6 1.6 6.6 10.3 11.5 10.5 Underperform DK:ROC Rockwool 'B' 74.4 -1 6 -3 -1 799 50 36.7 4.1 9.4 23.4 19.4 15.9 NR W:IU Industrivarden 'A' 12.0 2 8 18 3 3,232 100 33.3 0.0 n.a. 2.9 n.m. 19.4 NR S:CLN Clariant 9.8 2 7 19 -17 2,906 18 28.1 1.0 12.2 6.1 9.7 11.3 NR DRXG Drax Group 6.3 -5 -11 -10 46 2,307 8 27.9 -1.6 10.5 8.3 10.0 10.4 Underperform DK:FLB Flsmidth & Co.'B' 58.5 0 16 17 0 3,110 0 26.7 0.8 4.3 17.8 15.9 13.9 NR O:AND Andritz 73.0 0 3 1 28 3,796 8 21.1 1.2 4.3 21.1 16.9 15.4 NR IHG Ictl.Htls.Gp. 16.3 1 9 16 10 4,749 22 18.8 -2.2 8.4 22.6 18.2 17.6 Neutral D:BO3X Boss (Hugo) Pref. (Xet) 76.0 8 15 4 46 2,625 5 17.2 -0.8 1.9 26.2 19.9 17.6 Outperform M:NOKT Nokian Renkaat 29.6 5 6 -2 19 3,838 11 16.7 0.0 2.7 22.4 12.8 12.7 NR W:KIVB Kinnevik 'B' 16.2 -2 -1 -2 8 3,704 50 16.7 0.0 9.9 10.7 8.6 11.6 NR D:KD8X Kabel Deutschland 38.6 -6 -9 -17 13 3,477 -22 15.9 0.0 21.2 n.m. 23.3 13.8 Neutral D:G1AX Gea Group (Xet) 25.9 2 9 13 25 4,761 19 14.7 2.6 0.0 n.a. 13.1 11.9 NR O:IMMO Immofinanz 2.7 6 11 2 -9 3,067 31 14.3 0.0 4.3 9.0 11.2 10.8 Outperform F:MATI Bollore 158.6 -1 -3 -13 2 3,980 0 14.3 3.5 6.2 10.7 10.6 17.2 NR E:DIA Distribuidora Intnac. 3.6 -2 -10 1 n.a. 2,423 5 13.5 -4.8 -4.8 n.a. 17.8 15.5 Underperform F:BERT Faurecia 20.1 2 19 0 -14 2,217 33 13.3 0.0 0.7 11.2 6.5 7.0 NR H:FUG Fugro 52.7 1 9 19 -3 4,290 19 12.5 -0.3 0.6 15.4 15.9 13.4 NR D:PUMX Puma (Xet) 244.5 -1 1 -5 17 3,687 -4 12.3 -0.1 2.7 15.9 16.1 14.9 NR I:LTO Lottomatica 13.3 1 10 -9 43 2,296 7 12.2 0.0 6.5 15.4 13.5 11.7 Outperform D:SPRX Axel Springer (Xet) 37.0 0 0 -1 2 3,658 -7 11.9 -0.7 2.1 13.4 12.5 12.3 NR D:LXSX Lanxess (Xet) 54.0 5 18 15 5 4,491 14 11.8 -0.2 0.6 11.0 8.5 10.2 NR DK:DSV Dsv 'B' 15.9 -1 4 1 12 3,026 0 11.7 0.0 1.0 19.1 15.6 13.9 NR W:SE@G Electrolux 'B' 16.0 10 19 12 -8 4,799 17 11.3 0.0 -4.8 18.3 11.4 9.4 Outperform ITV Itv 0.9 0 2 14 4 3,611 -8 11.1 0.0 0.0 12.9 11.6 10.3 Outperform S:PSPN Psp Swiss Property Ag 64.5 -2 -4 -8 33 2,959 22 10.3 1.4 3.7 23.6 22.8 21.8 NR N:KVAE Kvaerner 1.7 -3 26 16 n.a. 458 -10 10.0 0.0 3.7 n.a. 6.1 8.9 NR D:GBFX Bilfinger Berger (Xet) 72.5 0 2 -2 27 3,337 0 10.0 0.0 -0.2 15.6 14.4 13.0 Underperform H:BOSK Boskalis Westminster 31.1 1 3 10 -3 3,216 0 9.5 -0.4 0.8 11.2 12.9 13.0 NR Source: Thomson Reuters


08 February 2012


Worst 3 month earnings breadth Share Rel performance % Market EPS breadth EPS rev % P/E ratio Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) 1m 3m 1m 3m 10A 11E 12E Rating I:UCG Unicredit 4.4 12 58 -24 -62 25,347 -4 -47.9 -2.9 -59.8 8.3 13.3 10.7 Restricted RIO Rio Tinto 46.4 -2 9 4 -8 66,068 -32 -44.9 -7.0 -7.6 8.7 7.6 7.7 Outperform D:SIEX Siemens (Xet) 75.9 2 -6 -5 -11 69,351 -61 -43.1 -4.7 -11.7 9.8 11.5 10.5 Outperform E:SCH Banco Santander 6.5 6 16 7 -16 59,568 -36 -39.8 -5.7 -14.4 8.1 7.9 7.3 Neutral E:TEF Telefonica 13.4 -3 -3 -14 -21 61,021 -27 -39.1 -2.5 -6.7 7.9 8.7 8.7 Neutral F:BNP Bnp Paribas 35.7 7 19 6 -30 43,159 -35 -35.9 -9.8 -21.3 5.7 6.9 6.1 Outperform GLEN Glencore International 5.3 3 5 -5 n.a. 36,781 -54 -35.7 -14.0 -14.0 n.a. 10.8 9.7 Outperform W:SL@G Ericsson Tel.Cl 'B' 7.3 -1 -11 -15 -16 21,830 -76 -34.9 -25.0 -25.0 13.5 13.4 10.7 Neutral D:ALVX Allianz (Xet) 88.9 2 14 7 -8 40,485 -14 -34.8 -9.9 -32.7 8.0 12.7 7.7 Outperform W:NDA Nordea Bank 6.9 4 6 0 -12 27,708 -40 -34.6 -6.7 -11.4 9.4 9.8 8.6 Outperform F:CRDA Credit Agricole 5.3 8 20 -6 -50 13,147 -14 -34.1 -17.9 -32.6 6.0 6.0 4.9 Underperform D:MU2X Muenchener Ruck. (Xet) 107.6 4 9 5 -4 19,297 -11 -32.7 -0.2 -3.3 n.a. 7.8 7.4 Outperform F:QT@F Schneider Electric 48.1 -2 7 11 -5 26,424 -8 -32.1 -0.8 -5.9 13.4 13.2 12.7 Neutral F:GSZ Gdf Suez 21.4 -1 -2 -5 -21 48,094 -45 -31.6 -3.7 -9.8 11.2 13.7 11.8 Underperform IMT Imperial Tobacco Gp. 29.1 3 -6 -2 36 29,166 -50 -31.0 -1.6 1.7 13.0 11.9 10.9 Outperform I:G Generali 12.2 -1 -1 -11 -20 19,025 -24 -30.7 -8.5 -29.5 11.1 14.2 8.9 Underperform E:BBVA Bbv.Argentaria 7.3 5 10 9 -9 35,573 -13 -30.0 -5.6 -18.3 8.5 8.5 7.8 Neutral H:UNIL Unilever Certs. 25.4 -3 -9 -6 27 39,265 -33 -29.6 -2.4 -3.5 18.0 15.4 14.2 Underperform AAL Anglo American 34.4 5 9 13 -7 45,580 -57 -28.8 -10.8 -9.8 11.5 9.3 9.5 Neutral LLOY Lloyds Banking Group 0.4 10 20 19 -40 29,052 -36 -28.2 0.0 0.0 14.5 14.0 10.5 Neutral FTEU Midi stocks W:RTBF Ratos 'B' 9.9 -1 -3 -4 -23 2,374 -100 -66.7 -2.1 -11.3 16.2 21.1 31.0 NR D:HOTX Hochtief (Xet) 52.7 3 9 -5 -11 4,059 -64 -59.4 -57.9 -194.6 12.2 n.m. 12.6 NR M:RRUK Rautaruukki 'K' 9.1 4 10 13 -42 1,271 -39 -52.0 -12.5 -55.1 52.4 25.9 10.7 NR B:KB Kbc Group 17.2 15 72 16 -38 6,164 -43 -50.8 -26.0 -56.9 5.3 8.0 4.8 NR F:BIM Biomerieux 66.9 1 13 -5 -10 2,638 -33 -46.3 -0.2 -3.2 15.6 16.0 14.5 NR ABG African Barrick Gold 6.3 -3 8 -14 11 2,568 -43 -45.8 -8.6 -5.4 15.6 11.8 8.7 NR ISYS Invensys 2.6 2 -6 -5 -30 2,092 -86 -44.2 -30.8 -33.3 9.7 14.3 10.3 Neutral M:KESK Kesko 'B' 24.1 -14 -12 -13 -19 1,610 -75 -41.7 -4.6 -8.4 13.2 13.0 12.0 NR F:PGT Peugeot 15.7 7 16 -3 -43 3,663 -14 -36.7 -14.1 -37.2 3.1 5.0 6.6 Underperform LOG Logica 1.0 5 14 -5 -36 1,589 -15 -36.2 -7.1 -7.1 6.8 7.6 7.6 NR INVP Investec 4.7 0 9 0 -11 2,804 -38 -36.0 -3.7 -10.3 9.7 9.0 7.3 NR I:FNC Finmeccanica 3.4 -4 18 -32 -61 1,984 -11 -35.7 -10.1 -373.5 2.9 n.m. 9.0 NR I:MS Mediaset 2.5 8 15 -11 -42 2,984 -28 -35.3 -3.8 -10.7 8.1 10.1 10.5 Underperform G:HPI Hellenic Petroleum 5.7 -5 -14 -21 -16 1,736 -31 -35.1 -3.8 -19.4 9.6 11.4 7.4 NR M:EGR Stora Enso 'R' 5.7 1 10 14 -28 3,466 -11 -34.9 1.5 -16.5 7.1 8.6 10.5 Outperform H:APAM Aperam 16.4 2 42 22 -39 1,284 -45 -34.5 -32.5 -57.0 n.m. 31.6 11.1 Outperform AGS Aegis Group 2.0 1 9 12 29 2,319 -16 -34.2 0.0 0.0 14.9 16.5 14.1 NR B:BEKB Bekaert (D) 27.5 -14 -5 -17 -60 1,649 -9 -33.3 -3.5 -16.5 4.1 8.3 10.6 NR LMI Lonmin 12.7 -1 0 -8 -36 2,573 -57 -33.3 -21.6 -37.0 15.1 21.9 13.2 Underperform F:RXL Rexel 15.3 -2 7 7 -5 4,103 -27 -32.6 -0.7 -3.2 14.9 10.0 10.4 NR G:ETE National Bk.Of Greece 3.0 4 94 39 -57 2,830 -15 -32.4 -5.0 -436.0 4.6 n.m. 18.5 NR RENT Rentokil Initial 0.9 0 13 10 -17 1,677 -14 -32.2 0.0 0.0 10.0 10.3 9.3 Outperform S:LONN Lonza Group 42.1 -1 -16 -13 -23 2,226 -73 -31.9 -16.7 -18.5 11.7 11.1 9.5 NR III 3I Group 2.4 4 5 -4 -30 2,341 -29 -31.8 -39.1 n.a. 10.3 n.m. 6.5 NR F:UTA Air France-Klm 5.1 2 22 -9 -59 1,534 -21 -31.7 -9.0 n.a. n.a. n.m. n.m. Underperform F:TVFS Tf1 (Tv.Fse.1) 8.7 0 8 -16 -36 1,838 -16 -31.4 -2.3 -12.5 17.8 10.4 10.9 Underperform E:ACX Acerinox 'R' 11.3 1 3 7 -3 2,817 -20 -28.8 -7.0 -29.3 23.1 21.3 15.3 Neutral M:OUTO Outokumpu 'A' 6.1 -6 4 -7 -49 1,116 32 -28.2 42.9 -58.3 n.m. 60.9 9.0 Neutral S:BALN Baloise-Holding Ag 59.7 -2 7 -5 -17 2,986 0 -28.0 -1.0 -56.8 8.1 20.1 7.7 Neutral S:NOBE Nobel Biocare Holding 10.7 -3 6 15 -23 1,321 -12 -26.9 -2.4 -12.8 28.8 26.0 20.1 Underperform Source: Thomson Reuters


08 February 2012


Strongest sales growth Share Rel performance % Market EV/sales 3m EPS EV/EBITDA 2yE ann gwth (%) Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) 11E 12E revs % 11E 12E sales eps dps Rating I:TEN Tenaris 14.5 -7 -10 2 -7 17,071 1.74 1.54 -1.2 9.5 7.7 19.1 22 17 Neutral S:CFR Richemont 44.6 0 4 5 17 23,274 2.42 2.22 6.6 9.6 8.8 15.9 23 32 Neutral BG. Bg Group 17.6 -1 -6 0 12 59,603 3.23 2.90 4.5 8.1 7.1 13.9 10 11 Outperform D:VO3X Volkswagen Pref. (Xet) 141.8 1 8 3 31 24,118 0.74 0.70 -5.5 5.8 5.9 13.2 10 25 Outperform AAL Anglo American 34.4 5 9 13 -7 45,580 1.52 1.43 -9.8 5.1 4.9 12.4 10 11 Neutral N:STL Statoil 19.6 -1 -9 -5 18 62,595 0.11 0.11 -6.8 2.3 2.1 11.8 21 7 Neutral E:IND Inditex 67.4 -2 1 -5 36 42,025 2.74 2.48 0.0 11.8 10.5 11.4 12 16 Outperform W:HMBF Hennes & Mauritz 'B' 26.3 2 1 3 19 38,394 0.33 0.30 0.0 13.1 11.7 11.2 13 6 Neutral S:ABB Abb 'R' 16.3 -1 2 10 3 37,720 0.87 0.83 1.9 7.4 7.0 11.0 12 9 Restricted S:SYNN Syngenta 243.1 2 0 1 12 22,795 1.79 1.67 3.6 11.0 9.9 10.4 14 26 Neutral DK:NON Novo Nordisk 'B' 101.2 8 5 15 35 47,833 0.77 0.70 5.9 14.9 13.5 10.4 16 13 Neutral F:LVMH Lvmh 125.3 -2 9 0 18 63,629 2.50 2.30 1.3 9.7 8.8 10.1 n.a. 13 Restricted F:BSN Danone 48.9 0 -4 -8 19 31,383 2.01 1.89 -1.4 11.3 10.5 9.7 8 7 Underperform IMT Imperial Tobacco Gp. 29.1 3 -6 -2 36 29,166 0.05 0.05 1.7 9.4 9.0 9.7 9 11 Outperform H:MT Arcelormittal 16.7 5 7 3 -33 26,052 0.43 0.43 -17.6 5.3 5.2 9.7 -3 3 Outperform D:SAPX Sap (Xet) 48.0 0 7 0 21 58,926 3.82 3.51 3.0 10.9 9.8 9.5 10 n.a. Outperform F:QT@F Schneider Electric 48.1 -2 7 11 -5 26,424 1.32 1.24 -5.9 8.1 7.8 9.2 3 5 Neutral E:REP Repsol Ypf 20.6 -5 -17 -11 -4 25,125 0.57 0.52 -8.9 4.3 3.8 8.5 5 8 Outperform I:ENI Eni 17.2 -2 -1 -1 4 68,852 0.87 0.82 -4.8 3.4 3.1 7.8 8 3 Neutral D:BMWX Bmw (Xet) 69.4 3 18 8 29 41,754 1.40 1.37 2.4 7.4 8.0 7.1 20 40 Outperform

FTEU Midi stocks E:PROB Grifols 15.3 6 12 16 52 3,254 2.81 2.09 0.0 11.1 7.2 56.7 17 n.a. NR ESSR Essar Energy 1.6 -1 -27 -60 -73 2,073 0.39 0.25 -22.2 7.7 3.9 41.6 42 n.a. Outperform I:PRY Prysmian 11.9 0 14 1 -16 2,553 0.42 0.39 -1.9 5.6 5.2 32.1 14 30 NR F:ATO Atos 40.7 2 10 8 5 3,400 0.52 0.41 -0.3 5.2 4.1 30.3 10 17 NR W:EKBF Hexagon 'B' 14.2 4 9 19 -3 4,797 3.14 3.01 -3.4 12.6 11.6 23.8 18 109 NR S:LONN Lonza Group 42.1 -1 -16 -13 -23 2,226 0.82 0.78 -18.5 5.3 4.8 22.3 11 -2 NR P:EDPR Edp Renovaveis 4.4 -2 -13 -8 12 3,881 6.39 5.55 0.0 8.6 7.4 21.8 53 n.a. NR M:NOKT Nokian Renkaat 29.6 5 6 -2 19 3,838 2.70 2.52 2.7 8.4 8.2 19.9 33 22 NR ITRK Intertek Group 26.3 0 0 7 36 4,216 0.03 0.02 2.5 10.8 9.4 18.9 16 16 Outperform MGGT Meggitt 4.4 -2 -4 -9 12 3,439 0.03 0.03 2.8 8.4 7.5 18.2 13 9 Underperform ABG African Barrick Gold 6.3 -3 8 -14 11 2,568 1.90 1.69 -5.4 5.5 4.4 17.4 34 41 NR W:ELKB Elekta 'B' 36.3 -4 1 14 32 3,309 0.35 0.30 4.3 13.7 11.1 17.1 23 13 NR O:AND Andritz 73.0 0 3 1 28 3,796 0.60 0.54 4.3 7.1 6.5 17.1 17 22 NR I:PC Pirelli 7.4 1 4 5 41 3,513 0.73 0.66 1.5 5.1 4.2 14.9 29 35 NR I:LTO Lottomatica 13.3 1 10 -9 43 2,296 1.81 1.75 6.5 5.4 5.3 12.9 15 n.a. Outperform D:BO3X Boss (Hugo) Pref. (Xet) 76.0 8 15 4 46 2,625 2.63 2.41 1.9 11.9 10.7 12.7 22 23 Outperform F:MATI Bollore 158.6 -1 -3 -13 2 3,980 1.09 1.06 6.2 20.8 18.8 12.2 -21 -3 NR GKN Gkn 2.7 2 8 11 23 4,124 0.01 0.01 4.0 5.4 4.8 12.2 17 29 Neutral AMEC Amec 12.6 0 2 9 -6 4,180 0.01 0.01 1.3 9.0 7.8 12.1 11 12 NR ISAT Inmarsat 5.2 5 -3 -11 -30 2,347 2.26 2.16 7.0 4.9 5.1 11.9 18 9 Outperform H:FUG Fugro 52.7 1 9 19 -3 4,290 2.02 1.80 0.6 8.3 7.2 11.6 7 2 NR FXPO Ferrexpo 4.3 1 13 10 -11 2,531 1.56 1.64 -2.6 4.4 5.1 10.9 5 0 Neutral DK:ROC Rockwool 'B' 74.4 -1 6 -3 -1 799 0.12 0.12 9.4 6.5 5.7 10.8 21 6 NR G:HPI Hellenic Petroleum 5.7 -5 -14 -21 -16 1,736 0.38 0.33 -19.4 8.0 6.1 10.5 14 2 NR E:TL5 Mset.Esp.Comunicacion 4.9 6 12 -7 -44 1,987 1.95 1.94 -2.5 10.7 13.1 10.3 -11 -6 Underperform D:BNRX Brenntag (Xet) 84.1 2 8 3 28 4,331 0.67 0.62 -1.9 8.7 8.0 9.9 47 30 Outperform F:GA@F Cie.Gl.De Gphyq.-Vert. 21.9 -1 7 23 -2 3,327 1.93 1.70 -7.7 7.0 5.4 9.5 127 n.a. Neutral D:HHFX Hamburger Hafen Logistik 25.6 1 5 8 -17 1,792 1.82 1.74 -3.4 6.8 6.2 9.3 15 13 NR DK:FLB Flsmidth & Co.'B' 58.5 0 16 17 0 3,110 0.13 0.12 4.3 8.7 7.6 9.3 13 12 NR F:BERT Faurecia 20.1 2 19 0 -14 2,217 0.21 0.21 0.7 3.1 3.1 9.2 26 43 NR Source: Thomson Reuters


08 February 2012


Strongest earnings growth Share Rel performance % Market EV/sales 3m EPS EV/EBITDA 2yE ann gwth (%) Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) 11E 12E revs % 11E 12E sales eps dps Rating BP. Bp 5.8 -1 -5 0 12 110,665 0.4 0.3 2.4 3.7 3.5 0 214.5 n.a. Outperform H:PHIL Philips Eltn.Koninklijke 15.8 -1 -4 -2 -22 15,987 0.6 0.6 -6.5 5.4 4.8 3 167.5 2 Outperform RBS Royal Bank Of Sctl.Gp. 0.4 6 32 22 -28 20,504 n.a. n.a. -33.3 111.7 97.6 n.a. 46.4 n.a. Neutral N:TEL Telenor 12.3 -5 -9 -13 19 19,742 0.2 0.2 -3.1 5.3 4.8 4 35.3 22 Outperform S:CFR Richemont 44.6 0 4 5 17 23,274 2.4 2.2 6.6 9.6 8.8 16 22.7 32 Neutral I:TEN Tenaris 14.5 -7 -10 2 -7 17,071 1.7 1.5 -1.2 9.5 7.7 19 21.6 17 Neutral N:STL Statoil 19.6 -1 -9 -5 18 62,595 0.1 0.1 -6.8 2.3 2.1 12 21.4 7 Neutral S:UBSN Ubs 'R' 10.8 0 12 10 -12 41,272 n.a. n.a. -7.4 50.7 43.2 n.a. 21.3 102 Neutral D:BMWX Bmw (Xet) 69.4 3 18 8 29 41,754 1.4 1.4 2.4 7.4 8.0 7 20.0 40 Outperform LLOY Lloyds Banking Group 0.4 10 20 19 -40 29,052 n.a. n.a. 0.0 29.1 39.9 n.a. 17.4 n.a. Neutral F:GOB Saint Gobain 35.6 1 15 2 -11 19,050 0.6 0.6 -4.6 5.2 5.2 4 16.6 8 Neutral DK:NON Novo Nordisk 'B' 101.2 8 5 15 35 47,833 0.8 0.7 5.9 14.9 13.5 10 16.0 13 Neutral BARC Barclays 2.8 7 19 23 -16 34,631 n.a. n.a. 6.3 64.3 59.7 n.a. 15.5 17 Outperform D:DBKX Deutsche Bank (Xet) 34.0 1 19 9 -20 31,557 n.a. n.a. -11.7 51.8 47.7 n.a. 14.9 14 Outperform B:ABI Anheuser-Busch Inbev 49.0 2 0 12 29 78,617 2.8 2.7 4.0 9.4 9.0 6 14.5 46 NR HSBA Hsbc Hdg. (Ord $0.50) 6.7 2 5 -2 -12 121,024 n.a. n.a. -4.4 18.1 15.5 n.a. 14.2 12 Neutral S:SYNN Syngenta 243.1 2 0 1 12 22,795 1.8 1.7 3.6 11.0 9.9 10 14.0 26 Neutral W:HMBF Hennes & Mauritz 'B' 26.3 2 1 3 19 38,394 0.3 0.3 0.0 13.1 11.7 11 13.2 6 Neutral H:ING Ing Groep 7.3 2 27 15 -11 28,076 n.a. n.a. -10.5 37.5 37.7 n.a. 13.2 n.a. Outperform H:UNIL Unilever Certs. 25.4 -3 -9 -6 27 39,265 1.5 1.5 -3.5 9.1 8.5 7 12.7 n.a. Underperform

FTEU Midi stocks M:NEST Neste Oil 9.6 8 9 -2 -19 2,465 0.3 0.2 -6.8 5.8 5.2 5 178.4 n.a. Outperform D:KD8X Kabel Deutschland Hldg. 38.6 -6 -9 -17 13 3,477 3.7 3.5 21.2 7.9 7.2 6 175.3 n.a. Neutral D:SZGX Salzgitter (Xet) 46.8 -1 9 6 -19 2,811 0.2 0.2 -2.6 2.7 2.4 8 148.6 61 Neutral F:GA@F Cie.Gl.De Gphyq.-Vert. 21.9 -1 7 23 -2 3,327 1.9 1.7 -7.7 7.0 5.4 9 126.7 n.a. Neutral M:RRUK Rautaruukki 'K' 9.1 4 10 13 -42 1,271 0.7 0.6 -55.1 7.7 5.6 3 121.7 5 NR F:CGE Alcatel-Lucent 1.5 3 10 -14 -38 3,374 0.2 0.2 9.5 2.1 2.0 -1 117.1 n.a. Underperform H:APAM Aperam 16.4 2 42 22 -39 1,284 0.2 0.2 -57.0 3.8 3.1 1 114.0 n.a. Outperform W:SSAA Ssab 'A' 8.5 2 7 14 -24 2,037 0.1 0.1 -3.1 8.2 7.1 8 101.0 19 Outperform I:EXOR Exor Ord 18.6 2 12 8 -11 2,987 n.a. n.a. -48.7 3.0 2.6 n.a. 95.4 6 NR F:ICAD Icade 63.0 -2 9 -9 -14 3,266 n.a. n.a. -1.4 16.5 15.1 n.a. 65.0 -29 Outperform M:OUTO Outokumpu 'A' 6.1 -6 4 -7 -49 1,116 0.7 0.7 -58.3 10.6 7.1 1 58.7 n.a. Neutral I:A2A A2A 0.7 -1 -3 -28 -28 2,331 1.0 1.0 -14.3 6.5 5.9 3 58.1 -9 NR P:BES Banco Espirito Santo 1.5 13 17 -2 -47 2,160 n.a. n.a. -29.6 36.7 36.9 n.a. 56.7 n.a. NR P:EDPR Edp Renovaveis 4.4 -2 -13 -8 12 3,881 6.4 5.5 0.0 8.6 7.4 22 52.8 n.a. NR F:GET Groupe Eurotunnel 6.4 -1 19 -9 -3 3,615 8.4 8.1 -33.3 17.6 16.9 9 50.8 58 Outperform D:BNRX Brenntag (Xet) 84.1 2 8 3 28 4,331 0.7 0.6 -1.9 8.7 8.0 10 46.6 30 Outperform ESSR Essar Energy 1.6 -1 -27 -60 -73 2,073 0.4 0.2 -22.2 7.7 3.9 42 42.0 n.a. Outperform W:SE@G Electrolux 'B' 16.0 10 19 12 -8 4,799 0.0 0.0 -4.8 5.1 4.5 4 39.1 n.a. Outperform ABG African Barrick Gold 6.3 -3 8 -14 11 2,568 1.9 1.7 -5 6 4 17 33.8 41 NR M:NOKT Nokian Renkaat 29.6 5 6 -2 19 3,838 2.7 2.5 2.7 8.4 8.2 20 33.1 22 NR H:SBMO Sbm Offshore 13.9 4 -16 -22 -17 2,381 1.1 1.0 9.0 5.7 5.3 6 29.5 26 NR I:PC Pirelli 7.4 1 4 5 41 3,513 0.7 0.7 1.5 5.1 4.2 15 29.1 35 NR F:TVFS Tf1 (Tv.Fse.1) 8.7 0 8 -16 -36 1,838 0.7 0.7 -12.5 5.1 5.4 -1 27.8 5 Underperform F:BERT Faurecia 20.1 2 19 0 -14 2,217 0.2 0.2 0.7 3.1 3.1 9 26.2 43 NR III 3I Group 2.4 4 5 -4 -30 2,341 n.a. n.a. n.m. n.m. 7.0 n.a. 25.7 52 NR E:ACX Acerinox 'R' 11.3 1 3 7 -3 2,817 0.8 0.8 -29.3 9.8 8.1 6 22.9 1 Neutral W:ELKB Elekta 'B' 36.3 -4 1 14 32 3,309 0.3 0.3 4.3 13.7 11.1 17 22.6 13 NR D:BO3X Boss (Hugo) Pref. (Xet) 76.0 8 15 4 46 2,625 2.6 2.4 1.9 11.9 10.7 13 22.2 23 Outperform DK:ROC Rockwool 'B' 74.4 -1 6 -3 -1 799 0.1 0.1 9.4 6.5 5.7 11 21.4 6 NR G:HTO Hellenic Telecom.Org. 2.8 -5 -3 -24 -61 1,358 1.1 1.2 0.0 3.3 3.3 -5 19.9 n.a. NR Source: Thomson Reuters


08 February 2012


Strongest dividend growth Share Rel performance % Market Net div yield (%) Dividend (€) Div cover (x) 2y E Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) 10A 11E 12E 11E 12E 11E 12E dps % Rating S:UBSN Ubs 'R' 10.8 0 12 10 -12 41,272 0.8 1.4 3.2 0.2 0.3 7.5 3.9 102.4 Neutral B:ABI Anheuser-Busch Inbev 49.0 2 0 12 29 78,617 1.2 2.1 2.6 1.0 1.3 2.7 2.4 46.1 NR D:BMWX Bmw (Xet) 69.4 3 18 8 29 41,754 1.9 3.3 3.7 2.3 2.6 3.4 2.8 40.1 Outperform S:CFR Richemont 44.6 0 4 5 17 23,274 0.8 1.2 1.4 0.5 0.6 4.6 4.8 32.0 Neutral S:SYNN Syngenta 243.1 2 0 1 12 22,795 1.7 2.5 2.8 6.2 6.8 2.3 2.4 26.5 Neutral D:VO3X Volkswagen Pref. (Xet) 141.8 1 8 3 31 24,118 1.6 2.1 2.5 3.0 3.6 6.2 5.2 25.3 Outperform N:TEL Telenor 12.3 -5 -9 -13 19 19,742 4.0 4.9 6.0 0.6 0.7 1.6 1.5 22.0 Outperform VOD Vodafone Group 2.1 -1 -9 -6 9 104,770 5.1 7.6 7.1 0.2 0.2 1.2 1.3 18.4 Outperform BARC Barclays 2.8 7 19 23 -16 34,631 2.3 2.5 3.2 0.1 0.1 4.9 4.2 16.8 Outperform I:TEN Tenaris 14.5 -7 -10 2 -7 17,071 1.8 2.0 2.4 0.3 0.4 2.9 3.0 16.7 Neutral E:IND Inditex 67.4 -2 1 -5 36 42,025 2.4 2.7 3.2 1.8 2.1 1.7 1.6 15.7 Outperform D:DBKX Deutsche Bank (Xet) 34.0 1 19 9 -20 31,557 2.2 2.4 2.9 0.8 1.0 6.3 5.8 14.3 Outperform DK:NON Novo Nordisk 'B' 101.2 8 5 15 35 47,833 1.9 2.0 2.4 2.1 2.4 2.3 2.3 12.9 Neutral F:LVMH Lvmh 125.3 -2 9 0 18 63,629 2.1 2.3 2.6 2.9 3.3 2.4 2.4 12.7 Restricted HSBA Hsbc Hdg. (Ord $0.50) 6.7 2 5 -2 -12 121,024 4.0 4.5 5.0 0.3 0.3 2.2 2.1 11.8 Neutral AAL Anglo American 34.4 5 9 13 -7 45,580 1.4 1.7 1.8 0.6 0.6 6.5 6.0 11.5 Neutral BG. Bg Group 17.6 -1 -6 0 12 59,603 0.9 1.0 1.1 0.2 0.2 5.5 5.7 11.4 Outperform RIO Rio Tinto 46.4 -2 9 4 -8 66,068 1.8 2.0 2.2 0.9 1.0 6.6 6.0 11.3 Outperform IMT Imperial Tobacco Gp. 29.1 3 -6 -2 36 29,166 3.9 4.4 4.8 1.3 1.4 1.9 1.9 11.2 Outperform SAB Sabmiller 29.9 0 0 5 32 47,630 2.0 2.2 2.5 0.7 0.8 2.3 2.4 10.7 NR

FTEU Midi stocks W:EKBF Hexagon 'B' 14.2 4 9 19 -3 4,797 1.0 1.8 4.5 0.3 0.6 3.4 1.5 108.7 NR D:SZGX Salzgitter (Xet) 46.8 -1 9 6 -19 2,811 0.7 1.3 1.8 0.6 0.8 4.2 4.1 61.1 Neutral F:GET Groupe Eurotunnel 6.4 -1 19 -9 -3 3,615 0.6 0.9 1.6 0.1 0.1 0.3 0.3 58.1 Outperform III 3I Group 2.4 4 5 -4 -30 2,341 1.8 4.1 4.1 0.1 0.1 n.m. 3.7 52.5 NR F:BERT Faurecia 20.1 2 19 0 -14 2,217 1.2 2.0 2.5 0.4 0.5 7.7 5.6 42.8 NR ABG African Barrick Gold 6.3 -3 8 -14 11 2,568 0.6 1.1 1.3 0.1 0.1 7.6 9.0 41.4 NR O:IMMO Immofinanz 2.7 6 11 2 -9 3,067 3.7 5.6 7.1 0.2 0.2 1.6 1.3 37.8 Outperform I:PC Pirelli 7.4 1 4 5 41 3,513 2.2 3.2 4.1 0.2 0.3 2.8 2.8 34.8 NR D:BNRX Brenntag (Xet) 84.1 2 8 3 28 4,331 1.7 2.4 2.8 2.0 2.4 2.8 2.7 30.4 Outperform I:PRY Prysmian 11.9 0 14 1 -16 2,553 1.4 1.9 2.4 0.2 0.3 4.5 4.4 29.9 NR GKN Gkn 2.7 2 8 11 23 4,124 2.3 3.0 3.8 0.1 0.1 3.3 3.0 29.1 Neutral DK:DSV Dsv 'B' 15.9 -1 4 1 12 3,026 0.4 0.6 0.7 0.1 0.1 11.3 10.5 28.1 NR H:SBMO Sbm Offshore 13.9 4 -16 -22 -17 2,381 3.9 2.3 6.1 0.3 0.9 5.7 2.1 25.9 NR D:PUMX Puma (Xet) 244.5 -1 1 -5 17 3,687 0.7 1.0 1.1 2.4 2.8 6.2 5.9 23.8 NR D:BO3X Boss (Hugo) Pref. (Xet) 76.0 8 15 4 46 2,625 2.7 3.5 4.1 2.7 3.1 1.4 1.4 23.2 Outperform LMI Lonmin 12.7 -1 0 -8 -36 2,573 0.9 1.1 1.3 0.1 0.2 4.1 5.6 22.7 Underperform O:AND Andritz 73.0 0 3 1 28 3,796 2.3 2.9 3.5 2.1 2.5 2.0 1.9 22.2 NR M:NOKT Nokian Renkaat 29.6 5 6 -2 19 3,838 2.2 3.1 3.2 0.9 1.0 2.5 2.4 21.5 NR W:SSAA Ssab 'A' 8.5 2 7 14 -24 2,037 2.7 3.2 3.8 0.3 0.3 2.3 2.4 18.7 Outperform S:BCV Banque Canton.Ve. 'N' 404.5 1 4 0 10 3,481 4.5 6.2 6.3 25.2 25.6 1.2 1.1 18.7 NR F:AKE Arkema 64.0 0 13 18 30 3,955 1.6 1.9 2.2 1.2 1.4 7.0 4.8 18.3 NR N:STB Storebrand 4.0 2 7 -15 -28 1,789 3.6 3.5 5.0 0.1 0.2 3.2 3.1 17.9 Outperform I:PAT Parmalat 1.6 8 13 -7 -23 2,832 2.2 3.1 3.1 0.1 0.1 2.0 2.0 17.9 NR F:ATO Atos 40.7 2 10 8 5 3,400 1.2 1.3 1.7 0.5 0.7 5.8 5.5 17.5 NR ITRK Intertek Group 26.3 0 0 7 36 4,216 1.3 1.4 1.7 0.4 0.5 3.3 3.2 15.6 Outperform W:KIVB Kinnevik 'B' 16.2 -2 -1 -2 8 3,704 3.1 3.6 4.2 0.6 0.7 3.2 2.1 15.5 NR F:AXL Gemalto 42.1 -1 3 17 27 3,709 0.7 0.7 0.9 0.3 0.4 6.8 6.9 15.0 NR D:LXSX Lanxess (Xet) 54.0 5 18 15 5 4,491 1.3 1.5 1.7 0.8 0.9 7.7 5.8 14.6 NR I:AGL Autogrill 8.1 -7 1 -12 -16 2,057 3.0 3.2 3.8 0.3 0.3 2.0 1.9 13.7 Neutral HL. Hargreaves Lansdown 5.5 7 1 -13 -4 2,618 4.1 4.5 5.3 0.3 0.3 1.1 1.1 13.3 Neutral Source: Thomson Reuters


08 February 2012


Lowest interest cover Share Rel performance % Market P/E ratio PEG Interest Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) 10A 11E 12E ratio cover Gearing Rating D:DTEX Deutsche Telekom (Xet) 8.9 0 -5 -10 -3 38,391 11.4 11.7 11.8 n.m. 0.25 1.2 Underperform S:HOLN Holcim 'R' 46.9 4 6 1 -3 15,341 15.4 19.0 16.6 n.m. 0.98 0.6 Neutral VOD Vodafone Group 2.1 -1 -9 -6 9 104,770 10.6 11.1 10.5 42.1 1.09 0.3 Outperform H:PHIL Philips Eltn.Koninklijke 15.8 -1 -4 -2 -22 15,987 75.1 12.3 10.5 0.4 1.37 -0.1 Outperform BP. Bp 5.8 -1 -5 0 12 110,665 64.1 6.8 6.5 0.3 1.40 0.2 Outperform S:NOVN Novartis 'R' 42.7 0 -10 -4 12 117,305 10.3 10.3 9.8 4.6 1.68 0.2 Outperform F:AIR Air Liquide 97.8 -2 -3 -1 14 27,757 19.7 18.0 17.0 2.6 1.77 0.6 Neutral D:BAYX Bayer (Xet) 55.0 -1 0 9 11 45,507 13.1 11.6 11.2 1.6 1.79 0.4 Outperform GSK Glaxosmithkline 16.9 -4 -12 -4 31 85,137 12.2 11.4 10.5 1.5 2.00 1.0 Neutral S:NESN Nestle 'R' 44.3 -2 -6 -2 22 146,177 16.1 17.8 16.3 n.m. 2.08 0.1 Neutral E:ELE Endesa 15.4 -1 -7 -17 -22 16,289 7.6 7.7 7.6 n.a. 2.14 0.3 NR D:EONX E On (Xet) 17.2 2 -5 -6 -23 34,397 6.7 14.6 10.5 n.m. 2.19 0.6 Neutral E:TEF Telefonica 13.4 -3 -3 -14 -21 61,021 7.9 8.7 8.7 n.m. 2.24 2.2 Neutral H:HB Heineken 36.8 1 -5 -2 7 21,191 14.4 14.3 13.0 2.8 2.49 0.8 NR I:ENEL Enel 3.1 -4 -5 -15 -20 29,282 6.6 7.1 6.8 n.m. 2.95 1.5 NR S:SYNN Syngenta 243.1 2 0 1 12 22,795 19.6 17.0 15.1 1.4 3.01 0.2 Neutral D:LINX Linde (Xet) 124.4 -1 -1 3 25 21,260 18.3 16.6 15.7 2.3 3.18 0.5 Outperform I:ENI Eni 17.2 -2 -1 -1 4 68,852 9.0 8.6 7.7 1.1 3.35 0.5 Neutral F:DG@F Vinci (Ex Sge) 36.8 0 3 -1 -6 20,873 11.2 10.6 10.6 3.9 3.37 1.1 Outperform BATS British American Tobacco 37.1 2 -5 -1 40 72,995 17.6 15.9 14.7 1.9 3.49 0.8 Outperform

FTEU Midi stocks M:SAA1 Sanoma 10.4 -2 11 4 -35 1,697 12.0 11.1 10.9 2.4 0.06 0.6 NR BNZL Bunzl 10.4 -3 -8 2 23 3,450 14.4 13.2 12.4 1.8 0.09 0.9 Underperform I:LTO Lottomatica 13.3 1 10 -9 43 2,296 15.4 13.5 11.7 1.1 0.11 1.5 Outperform IAG Intl.Cons.Airl.Gp.(Cdi) 2.2 0 17 15 -23 4,094 n.a. 15.8 44.2 n.a. 0.38 n.a. Neutral S:NOBE Nobel Biocare Holding 10.7 -3 6 15 -23 1,321 28.8 26.0 20.1 1.5 0.67 0.0 Underperform W:MOTB Modern Times Gp.Mtg 'B' 40.8 3 6 -2 -12 2,485 13.2 13.4 12.5 5.1 0.68 0.4 NR D:SPRX Axel Springer (Xet) 37.0 0 0 -1 2 3,658 13.4 12.5 12.3 3.0 0.70 -0.1 NR I:A2A A2A 0.7 -1 -3 -28 -28 2,331 26.6 12.4 10.6 0.5 0.82 1.1 NR D:GBFX Bilfinger Berger (Xet) 72.5 0 2 -2 27 3,337 15.6 14.4 13.0 1.7 0.88 0.7 Underperform H:BOSK Boskalis Westminster 31.1 1 3 10 -3 3,216 11.2 12.9 13.0 n.m. 0.95 0.3 NR ISAT Inmarsat 5.2 5 -3 -11 -30 2,347 12.8 8.6 9.2 0.7 1.12 1.0 Outperform DMGT Daily Mail 'A' 5.5 2 9 1 -14 2,012 9.9 9.7 8.8 1.7 1.16 15.5 Outperform F:BERT Faurecia 20.1 2 19 0 -14 2,217 11.2 6.5 7.0 0.4 1.21 1.5 NR I:MS Mediaset 2.5 8 15 -11 -42 2,984 8.1 10.1 10.5 n.m. 1.22 0.6 Underperform F:ATO Atos 40.7 2 10 8 5 3,400 12.9 12.9 10.7 1.3 1.34 0.1 NR REX Rexam 4.6 -2 -1 6 14 4,009 11.6 10.6 10.4 2.0 1.44 0.7 Outperform I:AGL Autogrill 8.1 -7 1 -12 -16 2,057 19.9 15.3 13.9 1.0 1.46 2.2 Neutral F:UTA Air France-Klm 5.1 2 22 -9 -59 1,534 n.a. n.m. n.m. n.a. 1.47 1.0 Underperform W:SSAA Ssab 'A' 8.5 2 7 14 -24 2,037 43.8 13.4 10.8 0.4 1.60 0.6 Outperform D:HOTX Hochtief (Xet) 52.7 3 9 -5 -11 4,059 12.2 n.m. 12.6 n.m. 1.72 -0.1 NR O:STR Strabag Se 23.0 -1 -7 -7 14 2,625 15.1 13.3 12.9 1.8 1.78 -0.2 NR S:BKW Bkw 30.6 -1 -9 -13 -44 1,605 n.a. n.a. n.a. n.a. 1.82 n.a. NR N:AKSO Aker Solutions 10.3 6 14 7 -9 2,818 13.2 21.0 12.1 3.0 1.91 0.4 NR H:PNL Postnl 3.1 -2 12 -4 -63 1,220 2.1 6.3 4.9 n.m. 1.91 0.6 Neutral COB Cobham 2.3 -1 -4 0 -4 2,436 9.6 9.8 9.4 11.3 1.95 0.3 Neutral D:LXSX Lanxess (Xet) 54.0 5 18 15 5 4,491 11.0 8.5 10.2 2.6 2.00 0.5 NR F:NK Imerys 43.1 -2 11 -2 -6 3,232 13.5 11.0 11.4 1.5 2.05 0.4 NR F:BIM Biomerieux 66.9 1 13 -5 -10 2,638 15.6 16.0 14.5 3.9 2.18 0.0 NR P:EDPR Edp Renovaveis 4.4 -2 -13 -8 12 3,881 49.4 29.7 21.2 0.9 2.20 0.6 NR D:C@1X Celesio (Xet) 15.2 0 10 27 -10 2,592 8.6 13.3 11.6 n.m. 2.28 0.7 NR Source: Thomson Reuters


08 February 2012


Highest interest cover Share Rel performance % Market P/E ratio PEG Interest Credit Suisse FTEU 100 stocks price (€) 1w 1m 3m 12m cap (€m) 10A 11E 12E ratio cover Gearing Rating E:IND Inditex 67.4 -2 1 -5 36 42,025 24.3 21.6 19.3 2.0 170.33 -0.5 Outperform S:ROG Roche Holding 133.2 -1 -7 5 35 93,566 13.1 11.9 10.9 1.4 66.87 2.0 Outperform I:TIT Telecom Italia 0.8 1 -5 -15 -15 10,941 5.2 6.3 6.3 n.m. 48.06 1.1 Neutral RDSB Royal Dutch Shell B 27.8 -3 -13 -3 18 73,948 8.0 8.2 7.7 4.3 38.07 0.2 Neutral RDSA Royal Dutch Shell A(Lon) 27.4 -2 -11 -2 16 100,371 7.9 8.1 7.6 4.0 38.07 0.2 Neutral DK:NON Novo Nordisk 'B' 101.2 8 5 15 35 47,833 25.1 21.8 18.6 1.6 37.38 -0.4 Neutral BLT Bhp Billiton 26.1 -1 5 3 -5 55,191 8.0 9.1 8.5 n.m. 34.82 0.1 Outperform F:TAL Total 40.9 -2 -3 1 3 96,547 8.9 7.9 7.7 1.1 26.10 0.2 Neutral E:REP Repsol Ypf 20.6 -5 -17 -11 -4 25,125 10.6 11.9 9.6 2.0 24.77 0.6 Outperform F:SQ@F Sanofi 56.5 -3 -5 5 22 75,802 8.0 8.5 9.6 n.m. 23.38 0.0 Neutral M:NOKP Nokia 3.9 -2 -12 -28 -49 14,545 13.4 27.7 11.8 2.0 20.81 -0.5 Outperform D:BMWX Bmw (Xet) 69.4 3 18 8 29 41,754 14.1 9.0 9.8 0.7 20.69 2.2 Outperform B:ABI Anheuser-Busch Inbev 49.0 2 0 12 29 78,617 20.7 17.3 15.8 1.4 19.77 1.1 NR H:UNIL Unilever Certs. 25.4 -3 -9 -6 27 39,265 18.0 15.4 14.2 1.4 14.95 0.5 Underperform ULVR Unilever (Uk) 24.5 -4 -10 -8 23 31,415 16.7 14.8 13.5 1.5 14.95 0.5 Underperform F:QT@F Schneider Electric 48.1 -2 7 11 -5 26,424 13.4 13.2 12.7 5.3 14.21 0.2 Neutral S:ABB Abb 'R' 16.3 -1 2 10 3 37,720 17.3 14.8 13.8 1.5 13.90 -0.5 Restricted F:OR@F L'Oreal 82.3 -2 -4 -3 1 49,432 20.5 19.3 18.0 3.0 13.60 0.0 Underperform F:LVMH Lvmh 125.3 -2 9 0 18 63,629 n.a. 17.7 15.7 n.a. 13.56 0.1 Restricted W:ACBF Atlas Copco 'B' 16.8 1 3 12 18 6,559 n.a. n.a. n.a. n.a. 13.16 0.2 NR

FTEU Midi stocks D:QIAX Qiagen (Xet) 11.9 -8 -2 9 -5 2,787 16.1 15.5 14.2 2.5 18957.44 -0.5 NR F:PAJ Pagesjaunes 3.4 -7 19 8 -52 957 4.0 4.5 4.9 n.m. 585.50 2.0 NR N:KVAE Kvaerner 1.7 -3 26 16 n.a. 458 n.a. 6.1 8.9 n.a. 411.39 1.1 NR I:FNC Finmeccanica 3.4 -4 18 -32 -61 1,984 2.9 n.m. 9.0 n.m. 84.22 0.2 NR LMI Lonmin 12.7 -1 0 -8 -36 2,573 15.1 21.9 13.2 2.2 49.72 0.2 Underperform E:DIA Distribuidora Intnac. 3.6 -2 -10 1 n.a. 2,423 n.a. 17.8 15.5 n.a. 45.36 -0.4 Underperform S:ARYN Aryzta N (Swx) 36.1 -1 -8 -4 20 3,175 11.6 10.7 9.9 1.4 33.12 0.1 Outperform DK:FLB Flsmidth & Co.'B' 58.5 0 16 17 0 3,110 17.8 15.9 13.9 1.3 26.42 0.2 NR F:FCS Ciments Francais 57.3 -2 -8 -19 -7 2,050 10.3 12.8 13.3 n.m. 24.55 0.6 NR ABG African Barrick Gold 6.3 -3 8 -14 11 2,568 15.6 11.8 8.7 0.5 23.73 0.0 NR DK:DSV Dsv 'B' 15.9 -1 4 1 12 3,026 19.1 15.6 13.9 1.1 20.13 -0.5 NR D:SOWX Software (Xet) 26.7 4 -18 -20 -25 2,318 13.2 11.7 10.9 1.3 20.11 2.2 NR AGS Aegis Group 2.0 1 9 12 29 2,319 14.9 16.5 14.1 5.7 18.83 1.1 NR F:SEB Seb 66.6 1 8 1 4 3,327 14.6 12.6 12.5 1.8 17.66 0.5 NR S:SIK Sika 'B' 1648.6 1 6 17 14 3,546 16.0 20.7 15.8 22.0 17.53 0.5 Neutral I:PRY Prysmian 11.9 0 14 1 -16 2,553 12.6 11.6 9.7 0.9 14.39 0.2 NR S:EMS Ems-Chemie 'N' 142.1 0 0 3 24 3,324 17.2 17.7 17.8 n.m. 12.82 -0.5 NR D:BO3X Boss (Hugo) Pref. (Xet) 76.0 8 15 4 46 2,625 26.2 19.9 17.6 1.2 12.70 0.0 Outperform H:FUG Fugro 52.7 1 9 19 -3 4,290 15.4 15.9 13.4 2.1 12.38 0.1 NR W:SM@G Holmen 'B' 21.2 -7 -12 -5 -12 1,316 12.0 14.0 12.8 n.m. 11.10 0.2 Underperform RENT Rentokil Initial 0.9 0 13 10 -17 1,677 10.0 10.3 9.3 2.7 11.06 1.1 Outperform E:ENAG Enagas 15.3 -3 3 -3 6 3,654 10.0 9.6 9.0 1.7 10.79 0.3 NR W:HUSB Husqvarna 'B' 4.3 3 5 10 -23 1,930 12.6 18.7 14.9 n.m. 10.46 0.3 NR SERC Serco Group 6.3 -1 -1 -5 4 3,111 15.3 13.6 12.3 1.3 10.11 -0.4 Outperform ISYS Invensys 2.6 2 -6 -5 -30 2,092 9.7 14.3 10.3 n.m. 9.42 0.4 Neutral M:NOKT Nokian Renkaat 29.6 5 6 -2 19 3,838 22.4 12.8 12.7 0.7 8.98 0.8 NR F:IPN Ipsen 22.0 -5 -15 -10 -1 1,853 13.4 12.2 11.6 1.8 8.86 0.3 Underperform IHG Ictl.Htls.Gp. 16.3 1 9 16 10 4,749 22.6 18.2 17.6 1.7 8.72 0.6 Neutral B:MOB Mobistar 40.4 2 -4 -9 -6 2,424 9.2 10.8 11.0 n.m. 8.13 6.9 Underperform W:EKBF Hexagon 'B' 14.2 4 9 19 -3 4,797 20.7 16.5 14.9 1.2 8.01 0.0 NR Source: Thomson Reuters


08 February 2012


Highest Operating Margin

Share Rel performance % Operating Margin Net Profit Margin 2 Y Ann P/E Credit Suisse FTEU 100 stocks price (p) 1w m 3m 12m 10 A 11E 10 A 11E EPS Growth 11 E Gearing Rating BLT Bhp Billiton 26.1 -1 5 3 -5 45% 46.3% 33% 27% -2.9 9.1 0.1 Outperform BG. Bg Group 17.6 -1 -6 0 12 32% 41.3% 23% 21% 10.1 18.9 0.3 Outperform IMT Imperial Tobacco Gp. 29.1 3 -6 -2 36 45% 39.3% 28% 25% 8.8 11.9 1.2 Outperform RIO Rio Tinto 46.4 -2 9 4 -8 34% 36.6% 25% 25% 6.2 7.6 0.1 Outperform S:ROG Roche Holding 133.2 -1 -7 5 35 36% 35.8% 25% 26% 9.5 11.9 2.0 Outperform BATS British American Tobacco 37.1 2 -5 -1 40 33% 35.8% 24% 25% 9.4 15.9 0.8 Outperform F:SQ@F Sanofi 56.5 -3 -5 5 22 42% 35.0% 30% 26% -8.7 8.5 0.0 Neutral AZN Astrazeneca 36.0 -6 -8 -6 12 n.a. 34.7% 29% 26% -8.0 7.8 -0.1 Underperform DK:NON Novo Nordisk 'B' 101.2 8 5 15 35 34% 34.2% 26% 26% 16.0 21.8 -0.4 Neutral AAL Anglo American 34.4 5 9 13 -7 33% 33.7% 18% 19% 10.3 9.3 0.2 Neutral B:ABI Anheuser-Busch Inbev 49.0 2 0 12 29 31% 31.7% 14% 16% 14.5 17.3 1.1 NR D:SAPX Sap (Xet) 48.0 0 7 0 21 33% 31.6% 24% 23% 10.3 15.6 0.1 Outperform GSK Glaxosmithkline 16.9 -4 -12 -4 31 n.a. 31.2% 21% 21% 8.0 11.4 1.0 Neutral N:STL Statoil 19.6 -1 -9 -5 18 27% 30.1% 7% 8% 21.4 9.5 0.3 Neutral M:FORT Fortum 18.2 4 7 -7 -8 29% 29.9% 19% 21% 8.7 11.7 0.8 NR DGE Diageo 17.7 1 -3 5 31 29% 29.5% 21% 21% 9.1 16.5 1.3 Outperform RB. Reckitt Benckiser Group 40.5 -4 -3 -3 9 26% 25.7% 20% 19% 4.1 13.9 0.4 Outperform W:TLSN Teliasonera 5.3 0 -5 -1 -7 n.a. 25.7% 18% 19% 6.0 10.2 0.4 Neutral NG. National Grid 7.7 -2 -1 -3 29 25% 25.4% 12% 12% 1.9 13.1 2.1 Outperform S:NOVN Novartis 'R' 42.7 0 -10 -4 12 27% 24.4% 23% 22% 2.2 10.3 0.2 Outperform

FTEU MIDI stocks E:IDR Indra Sistemas 10.8 4 3 -18 -16 56% 63.2% 41% 31% -6.9 9.3 385.8 NR N:KVAE Kvaerner 1.7 -3 26 16 n.a. 10% 62.6% 43% 57% n.a. 6.1 1587.1 NR HAS Hays 1.0 9 16 -2 -29 61% 61.7% 45% 46% 7.1 16.2 269.8 Outperform E:ENAG Enagas 15.3 -3 3 -3 6 55% 53.1% 35% 32% 5.7 9.6 535.1 NR LMI Lonmin 12.7 -1 0 -8 -36 55% 51.3% 32% 33% 6.8 21.9 448.8 Underperform FXPO Ferrexpo 4.3 1 13 10 -11 42% 44.7% 33% 36% 5.2 5.8 545.2 Neutral IHG Ictl.Htls.Gp. 16.3 1 9 16 10 39% 43.8% 22% 26% 13.3 18.2 874.1 Neutral P:BRI Brisa-Autsds.De Portugal 2.5 7 -11 -5 -49 40% 42.9% 22% 19% -22.0 12.3 1087.1 Underperform F:PAJ Pagesjaunes 3.4 -7 19 8 -52 43% 41.0% 22% 19% -9.3 4.5 1126.7 NR P:EDPR Edp Renovaveis 4.4 -2 -13 -8 12 34% 36.7% 9% 12% 52.8 29.7 863.9 NR ABG African Barrick Gold 6.3 -3 8 -14 11 32% 36.5% 22% 25% 33.8 11.8 378.2 NR DK:LUN H Lundbeck 15.4 -1 -1 0 12 24% 30.8% -8% 1% -12.3 8.8 992.9 Underperform IAG Intl.Cons.Airl.Gp.(Cdi) 2.2 0 17 15 -23 27% 30.4% 17% 20% n.a. 15.8 414.7 Neutral SVT Severn Trent 18.2 -4 -7 -9 16 30% 28.3% 15% 11% -1.6 17.5 955.5 Neutral F:NK Imerys 43.1 -2 11 -2 -6 14% 28.0% 4% 11% 9.0 11.0 504.9 NR D:KD8X Kabel Deutschland Hldg. 38.6 -6 -9 -17 13 46% 27.1% 20% 13% 175.3 23.3 359.9 Neutral G:OPAP Opap 7.1 -12 7 -12 -51 21% 27.0% 16% 21% -13.5 4.6 465.6 Outperform I:MS Mediaset 2.5 8 15 -11 -42 n.a. 26.7% n.a. 18% -12.0 10.1 352.6 Underperform D:SOWX Software (Xet) 26.7 4 -18 -20 -25 24% 25.7% 16% 18% 10.1 11.7 847.3 NR F:IPN Ipsen 22.0 -5 -15 -10 -1 22% 24.2% 20% 19% 7.6 12.2 105.0 Underperform B:MOB Mobistar 40.4 2 -4 -9 -6 26% 23.9% 17% 16% -8.4 10.8 87.6 Underperform S:ATLN Actelion 29.9 -1 3 5 -22 24% 23.6% 20% 20% -0.6 11.8 387.4 Neutral I:CPR Davide Campari 5.2 0 -5 -15 22 23% 23.3% 14% 14% 11.4 17.5 430.3 NR D:HHFX Hamburger Hafen Logistik 25.6 1 5 8 -17 23% 23.0% 17% 16% 14.9 22.3 378.3 NR IMI Imi 11.0 3 8 6 13 22% 21.9% 15% 14% 11.3 11.8 264.9 Underperform M:KESK Kesko 'B' 24.1 -14 -12 -13 -19 13% 21.4% -3% 9% 4.8 13.0 362.5 NR MGGT Meggitt 4.4 -2 -4 -9 12 3% 21.0% 2% 16% 13.0 11.9 760.6 Underperform W:MOTB Modern Times Gp.Mtg 'B' 40.8 3 6 -2 -12 23% 20.7% 16% 13% 2.6 13.4 1049.5 NR D:HOTX Hochtief (Xet) 52.7 3 9 -5 -11 10% 20.3% 15% 14% -1.6 n.m. 633.8 NR W:ELKB Elekta 'B' 36.3 -4 1 14 32 19% 19.7% 13% 13% 22.6 24.8 158.5 NR Source: Thomson Reuters


08 February 2012


Highest Net Profit Margin Share Rel performance % Operating Margin Net Profit Margin 2 Y Ann P/E Credit Suisse FTEU 100 stocks price (p) 1w m 3m 12m 10 A 11E 10 A 11E EPS grwth 11 E Gearing Rating BLT Bhp Billiton 26.1 -1 5 3 -5 45% 46% 33% 27.4% -2.9 9.1 0.1 Outperform F:SQ@F Sanofi 56.5 -3 -5 5 22 42% 35% 30% 26.4% -8.7 8.5 0.0 Neutral DK:NON Novo Nordisk 'B' 101.2 8 5 15 35 34% 34% 26% 25.9% 16.0 21.8 -0.4 Neutral S:ROG Roche Holding 133.2 -1 -7 5 35 36% 36% 25% 25.8% 9.5 11.9 2.0 Outperform AZN Astrazeneca 36.0 -6 -8 -6 12 n.a. 35% 29% 25.5% -8.0 7.8 -0.1 Underperform IMT Imperial Tobacco Gp. 29.1 3 -6 -2 36 45% 39% 28% 25.3% 8.8 11.9 1.2 Outperform RIO Rio Tinto 46.4 -2 9 4 -8 34% 37% 25% 24.9% 6.2 7.6 0.1 Outperform BATS British American Tobacco 37.1 2 -5 -1 40 33% 36% 24% 24.8% 9.4 15.9 0.8 Outperform D:SAPX Sap (Xet) 48.0 0 7 0 21 33% 32% 24% 23.0% 10.3 15.6 0.1 Outperform S:NOVN Novartis 'R' 42.7 0 -10 -4 12 27% 24% 23% 22.0% 2.2 10.3 0.2 Outperform M:FORT Fortum 18.2 4 7 -7 -8 29% 30% 19% 21.5% 8.7 11.7 0.8 NR BG. Bg Group 17.6 -1 -6 0 12 32% 41% 23% 21.1% 10.1 18.9 0.3 Outperform GSK Glaxosmithkline 16.9 -4 -12 -4 31 n.a. 31% 21% 21.0% 8.0 11.4 1.0 Neutral DGE Diageo 17.7 1 -3 5 31 29% 30% 21% 21.0% 9.1 16.5 1.3 Outperform W:TLSN Teliasonera 5.3 0 -5 -1 -7 n.a. 26% 18% 18.8% 6.0 10.2 0.4 Neutral AAL Anglo American 34.4 5 9 13 -7 33% 34% 18% 18.8% 10.3 9.3 0.2 Neutral RB. Reckitt Benckiser Group 40.5 -4 -3 -3 9 26% 26% 20% 18.8% 4.1 13.9 0.4 Outperform VOD Vodafone Group 2.1 -1 -9 -6 9 26% 23% 19% 18.3% 0.3 11.1 0.3 Outperform SAB Sabmiller 29.9 0 0 5 32 20% 21% 16% 17.0% 11.6 19.3 0.3 NR S:CFR Richemont 44.6 0 4 5 17 20% 21% 16% 16.1% 22.7 18.3 -0.4 Neutral

FTEU MIDI stocks N:KVAE Kvaerner 1.7 -3 26 16 n.a. 10% 63% 43% 57.0% n.a. 6.1 27.5 NR HAS Hays 1.0 9 16 -2 -29 61% 62% 45% 45.8% 7.1 16.2 21.4 Outperform FXPO Ferrexpo 4.3 1 13 10 -11 42% 45% 33% 35.7% 5.2 5.8 32.1 Neutral LMI Lonmin 12.7 -1 0 -8 -36 55% 51% 32% 33.1% 6.8 21.9 24.2 Underperform E:ENAG Enagas 15.3 -3 3 -3 6 55% 53% 35% 32.4% 5.7 9.6 23.1 NR E:IDR Indra Sistemas 10.8 4 3 -18 -16 56% 63% 41% 30.9% -6.9 9.3 26.4 NR IHG Ictl.Htls.Gp. 16.3 1 9 16 10 39% 44% 22% 26.5% 13.3 18.2 37.6 Neutral ABG African Barrick Gold 6.3 -3 8 -14 11 32% 36% 22% 25.2% 33.8 11.8 24.5 NR G:OPAP Opap 7.1 -12 7 -12 -51 21% 27% 16% 21.5% -13.5 4.6 30.3 Outperform IAG Intl.Cons.Airl.Gp.(Cdi) 2.2 0 17 15 -23 27% 30% 17% 20.2% n.a. 15.8 24.4 Neutral S:ATLN Actelion 29.9 -1 3 5 -22 24% 24% 20% 20.0% -0.6 11.8 42.1 Neutral F:PAJ Pagesjaunes 3.4 -7 19 8 -52 43% 41% 22% 19.2% -9.3 4.5 38.1 NR P:BRI Brisa-Autsds.De Portugal 2.5 7 -11 -5 -49 40% 43% 22% 18.9% -22.0 12.3 27.0 Underperform F:IPN Ipsen 22.0 -5 -15 -10 -1 22% 24% 20% 18.5% 7.6 12.2 21.1 Underperform I:MS Mediaset 2.5 8 15 -11 -42 n.a. 27% n.a. 18.2% -12.0 10.1 20.7 Underperform D:QIAX Qiagen (Xet) 11.9 -8 -2 9 -5 28% 17% 20% 18.0% 6.5 15.5 37.9 NR D:SOWX Software (Xet) 26.7 4 -18 -20 -25 24% 26% 16% 18.0% 10.1 11.7 31.5 NR MGGT Meggitt 4.4 -2 -4 -9 12 3% 21% 2% 16.2% 13.0 11.9 22.7 Underperform D:HHFX Hamburger Hafen Logistik 25.6 1 5 8 -17 23% 23% 17% 16.1% 14.9 22.3 30.6 NR B:MOB Mobistar 40.4 2 -4 -9 -6 26% 24% 17% 15.6% -8.4 10.8 38.5 Underperform S:EMS Ems-Chemie 'N' 142.1 0 0 3 24 18% 18% 15% 15.4% -1.7 17.7 28.9 NR IMI Imi 11.0 3 8 6 13 22% 22% 15% 14.4% 11.3 11.8 26.3 Underperform D:HOTX Hochtief (Xet) 52.7 3 9 -5 -11 10% 20% 15% 14.0% -1.6 n.m. 30.9 NR I:CPR Davide Campari 5.2 0 -5 -15 22 23% 23% 14% 13.7% 11.4 17.5 35.9 NR F:BIC Bic 71.5 1 0 1 26 17% 19% 12% 13.4% 8.8 14.0 36.5 NR W:MOTB Modern Times Gp.Mtg 'B' 40.8 3 6 -2 -12 23% 21% 16% 13.3% 2.6 13.4 27.0 NR F:MMB Lagardere Groupe 21.8 -3 -1 1 -27 21% 19% 14% 13.2% -0.4 10.9 48.7 Restricted W:HUSB Husqvarna 'B' 4.3 3 5 10 -23 16% 18% 12% 13.0% -8.0 18.7 33.7 NR H:SBMO Sbm Offshore 13.9 4 -16 -22 -17 12% 13% 8% 13.0% 29.5 7.7 49.3 NR N:KVAE Kvaerner 1.7 -3 26 16 n.a. 10% 63% 43% 57.0% n.a. 6.1 27.5 NR Source: Thomson Reuters


08 February 2012


Sector Performance 1 Month Rel Performance % Rel Price Index (%) % 1 Year P/E DY

Sector Name 1 w 1 m 3 m 12 m 20d Avg 12m Avg Market Cap Beta 11 E 10 A 11 E LEVEL 1

Financials 2.7 11.7 5.1 -16.3 3.5 -4.3 19.4% 1.4 9.7 0.7 0.7 Cons Discretionary 0.4 5.2 1.7 6.9 1.0 4.0 8.5% 1.1 11.9 1.9 1.7 Materials 0.8 4.6 4.3 -3.2 0.5 1.1 10.2% 1.3 10.1 1.6 1.5 Industrials 0.0 1.3 2.8 -2.4 -0.3 -1.1 10.8% 1.2 13.4 2.1 2.0 IT -0.4 -0.6 -7.2 -6.7 -0.4 -2.5 2.9% 1.0 13.4 2.3 2.2 Utilities -0.2 -2.6 -8.5 -11.9 0.4 -9.0 4.7% 0.9 11.0 1.1 1.1 Consumer Staples -1.0 -5.9 -3.2 17.4 -1.1 3.2 13.4% 0.5 15.5 2.9 2.8 Energy -1.7 -6.3 -1.6 7.5 -1.8 4.1 12.0% 1.0 9.0 1.6 1.5 Health Care -1.4 -6.4 1.2 22.6 -2.2 5.8 11.5% 0.6 11.4 3.1 3.0 Telecom Services -1.6 -6.5 -9.2 -5.7 -2.4 -6.5 6.5% 0.7 9.2 1.3 1.3

LEVEL 2

Banks 4.5 13.7 6.0 -22.2 5.1 -6.6 10.0% 1.42 9.0 0.6 0.7 Automobiles and Components 2.0 13.0 7.7 3.7 3.5 4.6 2.7% 1.50 7.8 1.1 1.0 Div Fin 1.1 12.9 5.8 -17.3 2.5 -5.8 3.6% 1.50 9.9 0.8 0.8 Insurance 1.4 8.1 4.7 -4.0 2.0 1.9 4.9% 1.37 10.2 0.8 0.9 Consumer Durable and Apparel -0.4 6.7 2.5 15.5 0.6 5.5 2.0% 1.20 18.1 3.1 2.8 Software services 0.6 5.6 -0.6 20.0 2.9 10.0 1.3% 0.82 15.3 3.6 3.1 Real Estate -2.1 4.6 -4.9 0.2 -0.2 -6.5 0.9% 0.99 15.3 0.9 0.8 Materials 0.8 4.6 4.3 -3.2 0.5 1.1 10.2% 1.29 10.1 1.6 1.5 Transport -0.5 4.5 4.7 -8.7 1.6 -1.8 1.1% 0.99 15.0 1.5 1.4 Retailing 0.6 1.4 -0.6 21.3 0.4 7.0 1.4% 0.81 16.2 3.2 3.0 Capital Goods 0.0 1.2 2.4 -3.7 -0.5 -2.0 8.4% 1.25 12.9 2.1 2.0 Consumer Services 0.5 0.0 -0.1 -1.9 0.1 1.7 0.8% 0.85 13.8 2.6 2.4 Semiconductor and equipment -1.8 -0.6 -3.4 -2.3 -1.0 4.1 0.7% 1.06 13.4 3.3 2.8 Commercial and Professional Services 0.5 -0.7 3.3 15.2 0.0 6.0 1.3% 0.86 15.7 4.0 3.7 Media -1.4 -1.9 -4.8 -1.5 -1.3 -0.2 1.7% 0.87 12.7 2.5 2.5 Utilities -0.2 -2.6 -8.5 -11.9 0.4 -9.0 4.7% 0.93 11.0 1.1 1.1 Healthcare equipment and services -1.8 -2.7 -0.1 22.1 -0.9 5.3 1.2% 0.53 18.8 3.2 2.8 Household and personal products -3.2 -3.5 -2.3 8.2 -2.1 1.5 1.2% 0.61 16.0 3.5 3.2 Food, Beverage and Tobacco -0.7 -5.1 -0.9 25.3 -0.9 6.1 10.4% 0.49 16.5 3.4 3.2 Energy -1.7 -6.3 -1.6 7.5 -1.8 4.1 12.0% 0.96 9.0 1.6 1.5 Telecom services -1.6 -6.5 -9.2 -5.7 -2.4 -6.5 6.5% 0.74 9.2 1.3 1.3 Pharma/Bio Life sciences -1.3 -6.8 1.4 22.7 -2.3 5.9 10.3% 0.65 10.9 3.0 3.0 Technology and healthcare equipment -0.7 -8.6 -17.7 -32.8 -4.6 -20.5 0.9% 1.17 11.4 1.4 1.4 Food and staples Retail -1.3 -11.8 -15.5 -11.1 -1.6 -10.6 1.7% 0.70 10.7 1.5 1.4 Source: Thomson Reuters


08 February 2012


Alphabetical listing Share Relative perf % Market 11E 11E 11E 11E 11E 2yE ann gwth (%) Credit Suisse Target FTEU 100 stocks price (€) 1m 3m 12m cap (€m) EPS P/E yield EV/EB EV/Sales sales eps dps Rating price (lc) DK:DSA A P Moller - Maersk 'A' 5709 9 n.a. -11 12,548 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. NR n.a. DK:DSB A P Moller - Maersk 'B' 5962 9 2 -10 13,104 395.1 13.0 2.0 3.3 0.1 2 2 -1 NR n.a. S:ABB Abb 'R' 16 2 11 3 37,720 1.1 13.8 3.1 7.4 0.9 11 11 9 Restricted n.a. F:AIR Air Liquide 98 -3 6 14 27,757 5.4 17.0 2.6 9.0 2.3 6 6 7 Neutral 109 D:ALVX Allianz (Xet) 89 14 n.a. -8 40,485 7.0 7.7 4.9 9.8 n.a. n.a. n.a. 2 Outperform 111 AAL Anglo American 34 9 12 -7 45,580 3.7 9.5 1.7 5.1 1.5 12 12 11 Neutral 3300 B:ABI Anheuser-Busch Inbev 49 0 6 29 78,617 2.8 15.8 2.1 9.4 2.8 6 6 46 NR n.a. H:MT Arcelormittal 17 7 10 -33 26,052 1.6 9.9 3.4 5.3 0.4 10 10 3 Outperform n.a. AZN Astrazeneca 36 -8 -7 12 46,076 4.6 7.7 6.0 4.8 1.4 n.m. -7 n.a. Underperform 2600 W:SR@G Atlas Copco 'A' 19 3 6 20 15,889 1.2 14.1 3.2 9.7 0.3 6 6 7 Neutral 155 W:ACBF Atlas Copco 'B' 17 3 n.a. 18 6,559 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. NR n.a. F:MIDI Axa 13 22 n.a. -13 29,842 1.9 6.7 5.6 4.2 n.a. n.a. n.a. 7 Outperform 17 E:SCH Banco Santander 7 16 n.a. -16 59,568 0.8 7.3 8.6 16.2 n.a. n.a. n.a. -2 Neutral 6.8 BARC Barclays 3 19 n.a. -16 34,631 0.3 7.5 2.5 64.3 n.a. n.a. n.a. 17 Outperform 200 D:BASX Basf (Xet) 61 3 5 14 55,908 6.3 11.0 3.9 5.8 0.9 5 5 5 Outperform 65 D:BAYX Bayer (Xet) 55 0 3 11 45,507 4.8 11.2 3.0 7.2 1.5 3 3 8 Outperform 56 E:BBVA Bbv.Argentaria 7 10 n.a. -9 35,573 0.9 7.8 5.7 19.4 n.a. n.a. n.a. n.a. Neutral 8.2 BG. Bg Group 18 -6 14 12 59,603 0.9 16.3 1.0 8.1 3.2 14 14 11 Outperform 1730 BLT Bhp Billiton 26 5 5 -5 55,191 2.9 8.5 3.2 5.6 2.1 5 5 9 Outperform 2800 D:BMWX Bmw (Xet) 69 18 7 29 41,754 7.7 9.8 3.3 7.4 1.4 7 7 40 Outperform 76 F:BNP Bnp Paribas 36 19 n.a. -30 43,159 5.2 6.1 3.9 34.8 n.a. n.a. n.a. -10 Outperform 41.4 BP. Bp 6 -5 0 12 110,665 0.9 6.5 4.1 3.7 0.4 0 0 n.a. Outperform 575 BATS British American Tobacco 37 -5 4 40 72,995 2.3 14.7 4.1 11.3 0.1 4 4 9 Outperform 3080 F:CRFR Carrefour 18 4 -3 -36 12,377 1.4 12.1 4.4 4.9 0.2 n.m. -3 -12 Underperform 15 CNA Centrica 4 -1 2 1 18,771 0.3 11.0 5.0 5.6 0.0 2 2 8 Outperform 370 F:CRDA Credit Agricole 5 20 n.a. -50 13,147 0.9 4.9 0.0 47.2 n.a. n.a. n.a. -23 Underperform 6 S:CSGN Credit Suisse Group N 21 11 n.a. -33 24,878 2.0 8.2 2.9 64.3 n.a. n.a. n.a. -23 NR n.a. D:DAIX Daimler (Xet) 45 16 4 -9 47,596 5.1 9.1 4.5 6.9 0.8 4 4 4 Neutral 40 F:BSN Danone 49 -4 10 19 31,383 2.9 15.3 2.8 11.3 2.0 10 10 7 Underperform 44 D:DBKX Deutsche Bank (Xet) 34 19 n.a. -20 31,557 5.1 6.0 2.4 51.8 n.a. n.a. n.a. 14 Outperform 33.5 D:DTEX Deutsche Telekom (Xet) 9 -5 -3 -3 38,391 0.8 11.8 7.9 4.6 1.5 n.m. -3 0 Underperform 8.5 DGE Diageo 18 -3 7 31 44,196 1.1 14.8 2.9 12.3 0.0 7 7 7 Outperform 1550 D:EONX E On (Xet) 17 -5 2 -23 34,397 1.2 10.5 5.9 6.4 0.6 2 2 -15 Neutral 17 F:EDF Edf 19 -1 3 -34 34,444 1.9 8.9 6.3 4.3 1.0 3 3 3 Outperform 24 E:ELE Endesa 15 -7 4 -22 16,289 2.0 7.6 6.5 3.1 0.7 4 4 0 NR n.a. I:ENEL Enel 3 -5 3 -20 29,282 0.4 6.8 8.7 4.9 1.1 3 3 -2 NR n.a. I:ENI Eni 17 -1 8 4 68,852 2.0 7.7 6.0 3.4 0.9 8 8 3 Neutral 18.5 W:SL@G Ericsson Tel.Cl 'B' 7 -11 4 -16 21,830 0.5 10.7 4.0 5.2 0.1 4 4 6 Neutral 55 M:FORT Fortum 18 7 5 -8 16,124 1.6 11.6 5.5 8.7 3.5 5 5 1 NR n.a. F:FTEL France Telecom 12 -7 -1 -23 30,846 1.5 8.0 12.0 4.1 1.4 n.m. -1 -1 Restricted n.a. F:GSZ Gdf Suez 21 -2 6 -21 48,094 1.6 11.8 7.3 4.6 0.8 6 6 2 Underperform 20 I:G Generali 12 -1 n.a. -20 19,025 0.9 8.9 2.8 n.a. n.a. n.a. n.a. 7 Underperform 14.1 GSK Glaxosmithkline 17 -12 4 31 85,137 1.5 10.5 5.2 7.5 0.0 4 4 5 Neutral 1430 GLEN Glencore International 5 5 n.a. n.a. 36,781 0.5 9.7 2.1 13.6 0.4 n.a. n.a. n.a. Outperform 550 H:HB Heineken 37 -5 5 7 21,191 2.6 13.0 2.2 8.2 1.7 5 5 8 NR n.a. W:HMBF Hennes & Mauritz 'B' 26 1 11 19 38,394 1.2 18.9 4.3 13.1 0.3 11 11 6 Neutral 200 S:HOLN Holcim 'R' 47 6 -1 -3 15,341 2.5 16.6 2.4 7.5 1.2 n.m. -1 -3 Neutral 48 HSBA Hsbc Hdg. (Ord $0.50) 7 5 n.a. -12 121,024 0.7 9.5 4.5 18.1 n.a. n.a. n.a. 12 Neutral 580 E:IBE Iberdrola 5 -3 4 -15 27,983 0.5 9.0 7.0 6.4 1.6 4 4 0 NR n.a. IMT Imperial Tobacco Gp. 29 -6 10 36 29,166 2.5 10.9 4.4 9.4 0.0 10 10 11 Outperform 2500 Source: Thomson Reuters


08 February 2012


Alphabetical listing Share Relative perf % Market 11E 11E 11E 11E 11E 2yE ann gwth (%) Credit Suisse Target FTEU 100 stocks price (€) 1m 3m 12m cap (€m) EPS P/E yield EV/EB EV/Sales sales eps dps Rating price (lc) E:IND Inditex 67 1 11 36 42,025 3.1 19.3 2.7 11.8 2.7 11 11 16 Outperform 77 H:ING Ing Groep 7 27 n.a. -11 28,076 1.4 5.6 0.0 37.5 n.a. n.a. n.a. n.a. Outperform 10 I:ISP Intesa Sanpaolo 2 29 n.a. -28 24,027 0.2 9.7 4.5 40.2 n.a. n.a. n.a. -3 Neutral 1.5 D:LINX Linde (Xet) 124 -1 6 25 21,260 7.5 15.7 1.9 8.5 1.9 6 6 9 Outperform 143 LLOY Lloyds Banking Group 0.4 20 n.a. -40 29,052 0.0 10.5 0.0 29.1 n.a. n.a. n.a. n.a. Neutral 31 F:OR@F L'Oreal 82 -4 5 1 49,432 4.3 18.0 2.4 12.4 2.4 5 5 9 Underperform 76 F:LVMH Lvmh 125 9 10 18 63,629 7.1 15.7 2.3 9.7 2.5 10 10 13 Restricted n.a. D:MU2X Muenchener Ruck. (Xet) 108 9 n.a. -4 19,297 13.8 7.4 6.0 6.3 n.a. n.a. n.a. 3 Outperform 131 NG. National Grid 8 -1 2 29 27,523 0.6 12.1 6.1 8.4 0.0 2 2 6 Outperform 700 S:NESN Nestle 'R' 44 -6 -9 22 146,177 2.5 16.3 3.6 11.4 1.8 n.m. -9 6 Neutral 58 M:NOKP Nokia 4 -12 -1 -49 14,545 0.1 11.8 4.6 4.2 0.2 n.m. -1 n.a. Outperform 6 W:NDA Nordea Bank 7 6 n.a. -12 27,708 0.7 8.6 3.8 42.9 n.a. n.a. n.a. 6 Outperform 67 S:NOVN Novartis 'R' 43 -10 1 12 117,305 4.2 9.8 4.4 9.8 2.2 1 1 8 Outperform 61 DK:NON Novo Nordisk 'B' 101 5 10 35 47,833 4.7 18.6 2.0 14.9 0.8 10 10 13 Neutral 680 H:PHIL Philips Eltn.Koninklijke 16 -4 3 -22 15,987 1.3 10.5 4.9 5.4 0.6 3 3 2 Outperform 16 PRU Prudential 9 7 n.a. 12 22,251 0.7 11.2 3.4 12.1 n.a. n.a. n.a. 6 Outperform 880 RB. Reckitt Benckiser Group 41 -3 7 9 29,538 2.9 13.8 3.7 10.2 0.0 7 7 6 Outperform 3800 E:REP Repsol Ypf 21 -17 9 -4 25,125 1.7 9.6 5.5 4.3 0.6 9 9 8 Outperform 25.5 S:CFR Richemont 45 4 16 17 23,274 2.4 15.4 1.2 9.6 2.4 16 16 32 Neutral 54 RIO Rio Tinto 46 9 6 -8 66,068 6.1 7.7 2.0 4.4 1.5 6 6 11 Outperform 5000 S:ROG Roche Holding 133 -7 5 35 93,566 11.2 10.9 4.6 8.7 2.9 5 5 9 Outperform 180 RBS Royal Bank Of Sctl.Gp. 0.4 32 n.a. -28 20,504 0.0 11.7 0.0 111.7 n.a. n.a. n.a. n.a. Neutral 22 RDSA Royal Dutch Shell A(Lon) 27 -11 -3 16 100,371 3.4 7.6 4.7 4.1 0.4 n.m. -3 2 Neutral 2600 RDSB Royal Dutch Shell B 28 -13 -2 18 73,948 3.4 7.7 5.1 4.2 0.4 n.m. -2 5 Neutral n.a. D:RWEX Rwe (Xet) 32 8 -1 -33 18,634 4.2 7.9 6.8 4.4 0.7 n.m. -1 -22 Neutral 29 SAB Sabmiller 30 0 6 32 47,630 1.6 16.7 2.2 12.9 2.7 6 6 11 NR n.a. F:GOB Saint Gobain 36 15 4 -11 19,050 3.3 10.4 3.5 5.2 0.6 4 4 8 Neutral 30 F:SQ@F Sanofi 57 -5 7 22 75,802 6.6 9.6 4.6 6.1 2.3 7 7 4 Neutral 54 D:SAPX Sap (Xet) 48 7 10 21 58,926 3.1 14.0 1.6 10.9 3.8 10 10 n.a. Outperform 55 F:QT@F Schneider Electric 48 7 9 -5 26,424 3.7 12.7 3.5 8.1 1.3 9 9 5 Neutral 45 D:SIEX Siemens (Xet) 76 -6 4 -11 69,351 6.6 10.5 4.1 6.9 1.0 4 4 4 Outperform 79 F:SGE Societe Generale 24 45 n.a. -45 18,498 3.8 5.8 1.0 38.4 n.a. n.a. n.a. -23 Neutral 29.2 STAN Standard Chartered 19 5 n.a. 4 45,466 1.5 11.8 3.0 14.6 n.a. n.a. n.a. 9 Underperform 1400 N:STL Statoil 20 -9 12 18 62,595 2.1 8.6 4.3 2.3 0.1 12 12 7 Neutral 158 S:SYNN Syngenta 243 0 10 12 22,795 14.3 15.1 2.5 11.0 1.8 10 10 26 Neutral 305 I:TIT Telecom Italia 1 -5 4 -15 10,941 0.1 6.3 7.4 3.8 1.6 4 4 10 Neutral 1 I:TITR Telecom Italia Rsp 1 -9 n.a. -17 3,995 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Underperform 0.7 E:TEF Telefonica 13 -3 2 -21 61,021 1.5 8.7 10.9 5.1 1.8 2 2 0 Neutral 16 N:TEL Telenor 12 -9 4 19 19,742 0.9 10.9 4.9 5.3 0.2 4 4 22 Outperform 114 W:TLSN Teliasonera 5 -5 2 -7 22,852 0.5 9.8 6.4 6.4 0.3 2 2 n.a. Neutral 50 I:TEN Tenaris 14 -10 19 -7 17,071 0.8 13.6 2.0 9.5 1.7 19 19 17 Neutral 15.89 TSCO Tesco 4 -21 6 -9 31,676 0.4 9.2 4.6 6.5 0.0 6 6 5 Neutral 370 F:TAL Total 41 -3 5 3 96,547 5.2 7.7 5.6 3.5 0.6 5 5 2 Neutral 45 S:UBSN Ubs 'R' 11 12 n.a. -12 41,272 1.1 8.0 1.4 50.7 n.a. n.a. n.a. 102 Neutral 11.3 I:UCG Unicredit 4 58 n.a. -62 25,347 0.3 10.7 0.0 31.5 n.a. n.a. n.a. -19 Restricted n.a. ULVR Unilever (Uk) 24 -10 6 23 31,415 1.7 13.5 3.8 9.1 0.0 6 6 5 Underperform 1885 H:UNIL Unilever Certs. 25 -9 7 27 39,265 1.7 14.2 3.7 9.1 1.5 7 7 n.a. Underperform 23.5 F:DG@F Vinci (Ex Sge) 37 3 5 -6 20,873 3.5 10.6 4.8 6.3 0.9 5 5 3 Outperform 53 F:EX@F Vivendi 16 -8 0 -18 20,193 2.3 6.8 9.0 3.4 1.0 0 0 3 Outperform 20.7 VOD Vodafone Group 2 -9 1 9 104,770 0.2 10.5 7.6 7.9 0.0 1 1 18 Outperform 175 D:VOWX Volkswagen (Xet) 127 8 n.a. 25 37,358 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Outperform n.a. D:VO3X Volkswagen Pref. (Xet) 142 8 13 31 24,118 18.9 7.7 2.1 5.8 0.7 13 13 25 Outperform 155 W:VOLV Volvo 'A' 11 10 n.a. -5 7,144 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Underperform n.a. W:VOBF Volvo 'B' 11 10 3 -6 15,708 0.9 9.8 3.7 7.5 0.1 3 3 n.a. Underperform 77 Source: Thomson Reuters


08 February 2012


Alphabetical listing Share Relative perf % Market 11E 11E 11E 11E 11E 2yE ann gwth (%) Credit Suisse Target FTEU Midi stocks price (€) 1m 3m 12m cap (€m) EPS P/E yield EV/EB EV/Sales sales eps dps Rating price (lc) III 3I Group 2 5 n.a. -30 2,341 -0.6 0.2 4.1 n.m. n.a. n.a. n.a. 52 NR n.a. I:A2A A2A 1 -3 3 -28 2,331 0.1 0.0 6.7 6.5 1.0 3 3 -9 NR n.a. E:ACX Acerinox 'R' 11 3 6 -3 2,817 0.5 0.5 4.1 9.8 0.8 6 6 1 Neutral 9 S:ATLN Actelion 30 3 -5 -22 3,904 2.5 2.7 2.3 7.7 1.7 n.m. -5 n.a. Neutral 45 ADM Admiral Group 12 8 n.a. -37 3,158 0.9 0.9 7.4 8.2 n.a. n.a. n.a. 8 Neutral 1100 AGS Aegis Group 2 9 -9 29 2,319 0.1 0.1 2.0 10.0 0.0 n.m. -9 5 NR n.a. ABG African Barrick Gold 6 8 17 11 2,568 0.5 0.4 1.1 5.5 1.9 17 17 41 NR n.a. B:AGS Ageas (Ex-Fortis) 2 27 n.a. -21 4,381 -0.1 0.2 4.2 n.m. n.a. n.a. n.a. 12 Outperform 3 F:UTA Air France-Klm 5 22 n.a. -59 1,534 -1.8 n.a. 0.4 5.5 0.3 n.a. n.a. n.a. Underperform 4 N:AKSO Aker Solutions 10 14 -11 -9 2,818 0.5 0.8 3.0 8.3 0.1 n.m. -11 0 NR n.a. F:CGE Alcatel-Lucent 1 10 -1 -38 3,374 0.2 -0.1 0.7 2.1 0.2 n.m. -1 n.a. Underperform 1 G:PIST Alpha Bank 2 253 n.a. -59 919 -0.9 0.3 0.0 n.a. n.a. n.a. n.a. n.a. NR n.a. AMEC Amec 13 2 12 -6 4,180 0.8 0.7 2.9 9.0 0.0 12 12 12 NR n.a. O:AND Andritz 73 3 17 28 3,796 4.3 3.5 2.9 7.1 0.6 17 17 22 NR n.a. H:APAM Aperam 16 42 1 -39 1,284 0.5 -0.6 3.3 3.8 0.2 1 1 n.a. Outperform 19 F:AKE Arkema 64 13 4 30 3,955 8.7 5.9 1.9 3.9 0.6 4 4 18 NR n.a. S:ARYN Aryzta N (Swx) 36 -8 5 20 3,175 3.4 3.1 1.4 8.8 1.1 5 5 0 Outperform 49 ASHM Ashmore Group 5 11 n.a. 14 3,250 0.3 0.3 3.9 10.2 n.a. n.a. n.a. 7 Neutral 365 F:ATO Atos 40.7 10 30 5 3,400 3.2 3.2 1.3 5.2 0.5 30 30 17 NR n.a. I:AGL Autogrill 8 1 0 -16 2,057 0.5 0.4 3.2 5.7 0.6 0 0 14 Neutral 9 D:SPRX Axel Springer (Xet) 37 0 6 2 3,658 3.0 2.8 4.5 6.1 1.1 6 6 4 NR n.a. S:BALN Baloise-Holding Ag 60 7 n.a. -17 2,986 3.0 7.4 6.1 8.3 n.a. n.a. n.a. 1 Neutral 84 I:CRG Banca Carige 2 -2 n.a. -8 2,714 0.1 0.1 4.6 n.a. n.a. n.a. n.a. -7 NR n.a. I:BMPS Banca Monte Dei Paschi 0 39 n.a. -54 3,664 0.0 0.1 3.0 47.7 n.a. n.a. n.a. -23 NR n.a. P:BCP Banco Comr.Portugues 0.2 22 n.a. -67 1,268 0.0 0.0 0.0 39.9 n.a. n.a. n.a. n.a. NR n.a. E:BSAB Banco De Sabadell 2.9 2 n.a. 0 4,697 0.2 0.2 2.7 35.2 n.a. n.a. n.a. n.a. Underperform 2 E:BTO Banco Espanol De 4 7 n.a. -32 2,763 0.5 0.6 5.7 40.4 n.a. n.a. n.a. n.a. NR n.a. P:BES Banco Espirito Santo 1 17 n.a. -47 2,160 0.2 0.1 2.0 36.7 n.a. n.a. n.a. n.a. NR n.a. I:BP Banco Popolare 1 56 n.a. -42 2,559 0.1 0.2 1.4 n.a. n.a. n.a. n.a. n.a. NR n.a. E:BKT Bankinter 'R' 5 11 n.a. 22 2,545 0.4 0.4 3.4 61.1 n.a. n.a. n.a. 13 NR n.a. S:BCV Banque Canton.Ve. 'N' 404 4 n.a. 10 3,481 29.0 29.2 6.2 25.9 n.a. n.a. n.a. 19 NR n.a. S:BARN Barry Callebaut 723 -9 6 36 3,740 43.7 41.4 1.9 11.0 0.9 6 6 10 Outperform 1000 B:BEKB Bekaert (D) 28 -5 1 -60 1,649 3.3 6.6 4.9 4.2 0.7 1 1 -13 NR n.a. F:BIC Bic 71 0 2 26 3,408 5.1 4.5 2.9 6.8 1.6 2 2 7 NR n.a. D:GBFX Bilfinger Berger (Xet) 73 2 1 27 3,337 5.0 4.7 4.1 9.0 0.6 1 1 3 Underperform 55 F:BIM Biomerieux 67 13 7 -10 2,638 4.2 4.3 1.6 7.6 1.8 7 7 9 NR n.a. S:BKW Bkw 30.6 -9 n.a. -44 1,605 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. NR n.a. W:BOL Boliden 13.8 5 4 -4 3,767 1.5 1.6 3.8 5.2 0.1 4 4 -2 NR n.a. F:MATI Bollore 159 -3 12 2 3,980 15.0 14.8 1.9 20.8 1.1 12 12 -3 NR n.a. H:BOSK Boskalis Westminster 31 3 3 -3 3,216 2.4 2.8 3.9 6.4 1.4 3 3 -2 NR n.a. D:BO3X Boss (Hugo) Pref. (Xet) 76 15 13 46 2,625 3.8 2.9 3.5 11.9 2.6 13 13 23 Outperform 83 D:BNRX Brenntag (Xet) 84 8 10 28 4,331 5.6 3.0 2.4 8.7 0.7 10 10 30 Outperform 86 P:BRI Brisa-Autsds.De Portugal 2 -11 -1 -49 1,481 0.2 0.3 12.6 7.9 5.5 n.m. -1 -2 Underperform 3 BNZL Bunzl 10 -8 4 23 3,450 0.8 0.7 3.0 10.1 0.0 4 4 9 Underperform 765 I:BZU Buzzi Unicem 8 15 5 -4 1,402 0.2 0.2 0.6 6.8 1.0 5 5 n.a. Neutral 6 CSCG Capital Shopcts.Group 4 4 n.a. 0 3,521 0.2 0.2 4.4 16.0 n.a. n.a. n.a. 0 Neutral 350 D:C@1X Celesio (Xet) 15 10 1 -10 2,592 1.2 1.8 2.6 7.5 0.2 1 1 -5 NR n.a. F:GA@F Cie.Gl.De Gphyq.-Vert. 22 7 9 -2 3,327 0.1 -0.4 0.0 7.0 1.9 9 9 n.a. Neutral 30 P:CPR Cimentos De Portl.Sgps 5 -7 5 14 3,394 0.4 0.4 3.8 7.7 2.1 5 5 1 NR n.a. F:FCS Ciments Francais 57 -8 -2 -7 2,050 4.5 5.6 5.2 4.7 0.9 n.m. -2 -2 NR n.a. Source: Thomson Reuters


08 February 2012


Alphabetical listing Share Relative perf % Market 11E 11E 11E 11E 11E 2yE ann gwth (%) Credit Suisse Target FTEU Midi stocks price (€) 1m 3m 12m cap (€m) EPS P/E yield EV/EB EV/Sales sales eps dps Rating price (lc) S:CLN Clariant 10 7 2 -17 2,906 1.0 1.6 1.4 3.9 0.4 2 2 n.a. NR n.a. COB Cobham 2 -4 -5 -4 2,436 0.2 0.2 3.5 5.9 0.0 n.m. -5 11 Neutral 225 H:VIB Corio 37 11 n.a. -10 3,441 2.9 2.9 7.3 17.2 n.a. n.a. n.a. 1 Neutral 40 E:ALB Corporacion Finca.Alba 33 -4 n.a. -17 1,903 6.7 7.1 3.1 6.8 n.a. n.a. n.a. n.a. NR n.a. DMGT Daily Mail 'A' 6 9 1 -14 2,012 0.6 0.6 3.8 6.7 0.0 1 1 6 Outperform 500 I:CPR Davide Campari 5 -5 8 22 3,046 0.3 0.3 1.3 11.2 2.9 8 8 8 NR n.a. B:DEX Dexia 0 6 n.a. -88 639 -3.4 0.4 0.0 283.1 n.a. n.a. n.a. n.a. NR n.a. E:DIA Distribuidora Alimentacion 4 -10 n.a. n.a. 2,423 0.2 n.a. 1.7 5.1 0.3 n.a. n.a. n.a. Underperform 2.8 DRXG Drax Group 6 -11 1 46 2,307 0.6 0.8 4.9 5.0 0.0 1 1 -10 Underperform 440 DK:DSV Dsv 'B' 16 4 3 12 3,026 1.0 0.8 0.6 9.5 0.1 3 3 28 NR n.a. P:EDPR Edp Renovaveis 4 -13 22 12 3,881 0.2 0.1 0.2 8.6 6.4 22 22 n.a. NR n.a. G:EFG Efg Eurobank Ergasias 1 181 n.a. -78 524 -1.0 0.2 0.0 n.a. n.a. n.a. n.a. n.a. NR n.a. F:FGR Eiffage 26 27 1 -28 2,223 2.5 2.6 4.7 8.0 1.1 1 1 1 Underperform 21 W:SE@G Electrolux 'B' 16 19 4 -8 4,799 1.4 0.9 4.6 5.1 0.0 4 4 n.a. Outperform 165 W:ELKB Elekta 'B' 36 1 17 32 3,309 1.5 1.2 1.3 13.7 0.3 17 17 13 NR n.a. S:EMS Ems-Chemie 'N' 142 0 1 24 3,324 8.0 8.3 4.1 10.7 1.8 1 1 7 NR n.a. E:ENAG Enagas 15 3 9 6 3,654 1.6 1.5 7.1 7.2 5.7 9 9 n.a. NR n.a. F:ERA Eramet 128 14 1 -48 3,388 10.0 13.1 2.2 2.4 0.5 1 1 -18 NR n.a. ESSR Essar Energy 2 -27 42 -73 2,073 0.1 0.1 0.0 7.7 0.4 42 42 n.a. Outperform 435 F:EULE Euler Hermes 51 4 n.a. -24 2,293 7.6 6.7 8.6 n.a. n.a. n.a. n.a. 1 Neutral 60 F:ERF Eurazeo 35 23 n.a. -26 2,237 2.1 4.2 3.4 8.0 n.a. n.a. n.a. 5 NR n.a. I:EXOR Exor Ord 19 12 n.a. -11 2,987 2.5 0.7 1.8 3.0 n.a. n.a. n.a. 6 NR n.a. I:EXP Exor Pref. 16 6 n.a. -1 1,258 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. NR n.a. F:BERT Faurecia 20 19 9 -14 2,217 3.1 1.8 2.0 3.1 0.2 9 9 43 NR n.a. FXPO Ferrexpo 4 13 11 -11 2,531 0.7 0.6 1.2 4.4 1.6 11 11 0 Neutral 380 D:FIEX Fielmann (Xet) 74 -5 6 20 3,108 3.2 2.8 3.6 13.2 2.8 6 6 10 NR n.a. I:FNC Finmeccanica 3 18 -4 -61 1,984 -1.9 1.2 0.0 585.1 0.3 n.m. -4 -46 NR n.a. DK:FLB Flsmidth & Co.'B' 58 16 9 0 3,110 3.7 3.3 2.3 8.7 0.1 9 9 12 NR n.a. E:FCC Fomento Constr.Y Cntr. 19 -7 -3 -9 2,384 2.2 2.6 7.1 7.5 0.9 n.m. -3 n.a. Underperform 16 F:GARA Fonciere Des Regions 53 12 n.a. -26 2,889 5.5 5.9 8.0 17.3 n.a. n.a. n.a. 2 NR n.a. H:FUG Fugro 53 9 12 -3 4,290 3.3 3.4 2.8 8.3 2.0 12 12 2 NR n.a. S:GAM Gam Holding 10 18 n.a. -17 2,030 0.7 0.8 3.8 7.8 n.a. n.a. n.a. 0 Neutral 11 D:G1AX Gea Group (Xet) 26 9 4 25 4,761 2.0 n.a. 2.5 6.5 0.8 4 4 n.a. NR n.a. F:AXL Gemalto 42 3 6 27 3,709 2.1 2.5 0.7 12.5 1.7 6 6 15 NR n.a. GKN Gkn 3 8 12 23 4,124 0.3 0.2 3.0 5.4 0.0 12 12 29 Neutral 205 E:PROB Grifols 15 12 57 52 3,254 0.6 0.6 0.1 11.1 2.8 57 57 n.a. NR n.a. F:GET Groupe Eurotunnel 6 19 9 -3 3,615 0.0 -0.1 0.9 17.6 8.4 9 9 58 Outperform 10.8 DK:LUN H Lundbeck 15 -1 0 12 3,029 1.8 1.7 3.4 4.8 0.2 n.m. 0 -9 Underperform 97 D:HHFX Hamburger Hafen Logistik 26 5 9 -17 1,792 1.2 1.0 2.4 6.8 1.8 9 9 13 NR n.a. HMSNO Hammerson 5 -1 n.a. -4 3,232 0.2 0.2 4.4 17.9 n.a. n.a. n.a. 2 Outperform 450 HL. Hargreaves Lansdown 6 1 n.a. -4 2,618 0.3 0.2 4.5 13.7 n.a. n.a. n.a. 13 Neutral 450 HAS Hays 1 16 5 -29 1,349 0.1 0.1 6.2 9.0 0.0 5 5 -15 Outperform 80 G:HPI Hellenic Petroleum 6 -14 10 -16 1,736 0.5 0.6 7.6 8.0 0.4 10 10 2 NR n.a. G:HTO Hellenic Telecom.Org. 3 -3 -5 -61 1,358 0.6 0.4 5.1 3.3 1.1 n.m. -5 n.a. NR n.a. W:EKBF Hexagon 'B' 14 9 24 -3 4,797 0.9 0.7 1.8 12.6 3.1 24 24 109 NR n.a. D:HOTX Hochtief (Xet) 53 9 6 -11 4,059 -1.9 4.3 1.4 3.8 0.2 6 6 1 NR n.a. W:SM@G Holmen 'B' 21 -12 1 -12 1,316 1.5 1.8 4.2 7.0 0.1 1 1 1 Underperform 195 W:HUSB Husqvarna 'B' 4 5 -3 -23 1,930 0.2 0.3 3.2 9.4 0.1 n.m. -3 0 NR n.a. F:ICAD Icade 63 9 n.a. -14 3,266 2.8 1.2 5.6 16.5 n.a. n.a. n.a. -29 Outperform 77 IAP Icap 5 14 n.a. -22 3,025 0.5 0.5 5.1 6.3 n.a. n.a. n.a. 2 Outperform 420 Source: Thomson Reuters


08 February 2012


Alphabetical listing Share Relative perf % Market 11E 11E 11E 11E 11E 2yE ann gwth (%) Credit Suisse Target FTEU Midi stocks price (€) 1m 3m 12m cap (€m) EPS P/E yield EV/EB EV/Sales sales eps dps Rating price (lc) IHG Ictl.Htls.Gp. 16 9 5 10 4,749 0.9 0.7 2.4 10.7 3.0 5 5 8 Neutral 1182 F:NK Imerys 43 11 7 -6 3,232 3.9 3.2 3.4 5.8 1.1 7 7 12 NR n.a. IMI Imi 11 8 7 13 3,523 0.9 0.8 3.3 7.2 0.0 7 7 12 Underperform 740 O:IMMO Immofinanz 3 11 n.a. -9 3,067 0.2 0.3 5.6 18.4 n.a. n.a. n.a. 38 Outperform 3.4 E:IDR Indra Sistemas 11 3 6 -16 1,778 1.2 1.3 6.1 6.5 0.8 6 6 -1 NR n.a. W:IU Industrivarden 'A' 12 8 n.a. 3 3,232 -1.4 4.2 4.1 n.m. n.a. n.a. n.a. 8 NR n.a. W:IUCF Industrivarden 'C' 12 11 n.a. 2 1,355 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. NR n.a. ISAT Inmarsat 5 -3 12 -30 2,347 0.6 0.4 5.7 4.9 2.3 12 12 9 Outperform 720 ITRK Intertek Group 26 0 19 36 4,216 1.3 1.1 1.4 10.8 0.0 19 19 16 Outperform 2250 IAG Intl.Cons.Airl.Gp.(Cdi) 2 17 7 -23 4,094 0.1 n.a. 0.0 2.8 0.2 7 7 n.a. Neutral 152 ISYS Invensys 3 -6 5 -30 2,092 0.2 0.3 2.3 5.3 0.0 5 5 12 Neutral 220 INVP Investec 5 9 n.a. -11 2,804 0.5 0.5 4.5 15.2 n.a. n.a. n.a. 11 NR n.a. F:IPN Ipsen 22 -15 5 -1 1,853 1.8 1.6 3.5 7.8 1.4 5 5 1 Underperform 20 ITV Itv 1 2 2 4 3,611 0.1 0.1 2.2 7.1 0.0 2 2 n.a. Outperform 90 D:KD8X Kabel Deutschland Hldg. 39 -9 6 13 3,477 1.7 -0.5 4.2 7.9 3.7 6 6 n.a. Neutral 43 B:KB Kbc Group 17 72 n.a. -38 6,164 2.1 3.3 1.5 16.6 n.a. n.a. n.a. -19 NR n.a. M:KESK Kesko 'B' 24 -12 3 -19 1,610 1.9 1.8 5.0 5.0 0.2 3 3 n.a. NR n.a. W:KIVB Kinnevik 'B' 16 -1 n.a. 8 3,704 1.9 1.5 3.6 17.7 n.a. n.a. n.a. 15 NR n.a. N:KVAE Kvaerner 2 26 n.a. n.a. 458 0.3 n.a. 2.4 0.6 0.0 n.a. n.a. n.a. NR n.a. LAD Ladbrokes 2 4 3 19 1,586 0.2 0.2 5.1 7.5 0.0 3 3 5 Underperform 115 F:MMB Lagardere Groupe 22 -1 -4 -27 2,870 2.0 2.2 6.0 7.5 0.6 n.m. -4 2 Restricted n.a. D:LXSX Lanxess (Xet) 54 18 8 5 4,491 6.3 4.9 1.5 4.8 0.6 8 8 15 NR n.a. LOG Logica 1 14 2 -36 1,589 0.1 0.1 5.1 5.3 0.0 2 2 0 NR n.a. LSE London Stock Ex.Group 11 12 n.a. 17 3,050 1.1 0.9 3.1 6.4 n.a. n.a. n.a. 7 Neutral 890 LMI Lonmin 13 0 6 -36 2,573 0.6 0.8 1.1 10.5 1.5 6 6 23 Underperform 980 S:LONN Lonza Group 42 -16 22 -23 2,226 3.8 3.6 3.9 5.3 0.8 22 22 -2 NR n.a. I:LTO Lottomatica 13 10 13 43 2,296 1.0 0.9 3.3 5.4 1.8 13 13 n.a. Outperform 16.5 EMG Man Group 2 12 n.a. -52 2,948 0.1 n.a. 8.6 6.0 n.a. n.a. n.a. n.a. Outperform 175 I:MS Mediaset 3 15 0 -42 2,984 0.3 0.3 9.1 5.4 1.1 0 0 -21 Underperform 2 I:MED Mediolanum 3 18 n.a. -5 2,543 0.2 0.3 4.0 33.1 n.a. n.a. n.a. 5 NR n.a. MGGT Meggitt 4 -4 18 12 3,439 0.4 0.3 2.7 8.4 0.0 18 18 9 Underperform 330 B:MOB Mobistar 40 -4 1 -6 2,424 3.7 4.4 9.3 5.1 1.6 1 1 -8 Underperform 45 W:MOTB Modern Times Gp.Mtg 'B' 41 6 3 -12 2,485 3.0 3.1 2.3 10.5 0.2 3 3 13 NR n.a. E:TL5 Mset.Esp.Comunicacion 5 12 10 -44 1,987 0.4 0.4 7.2 10.7 1.9 10 10 -6 Underperform 3.7 G:ETE National Bk.Of Greece 3 94 n.a. -57 2,830 -0.8 0.6 0.0 n.a. n.a. n.a. n.a. n.a. NR n.a. M:NEST Neste Oil 10 9 5 -19 2,465 1.0 0.2 4.3 5.8 0.3 5 5 n.a. Outperform 11.5 S:NOBE Nobel Biocare Holding 11 6 2 -23 1,321 0.4 0.4 2.0 12.4 2.3 2 2 -15 Underperform 11.5 M:NOKT Nokian Renkaat 30 6 20 19 3,838 2.3 1.3 3.1 8.4 2.7 20 20 22 NR n.a. G:OPAP Opap 7 7 -3 -51 2,265 1.6 1.8 12.7 2.2 0.4 n.m. -3 -27 Outperform 12.3 M:OUTO Outokumpu 'A' 6 4 1 -49 1,116 0.1 -1.3 2.5 10.6 0.7 1 1 n.a. Neutral 6 F:PAJ Pagesjaunes 3 19 -2 -52 957 0.8 0.9 14.4 6.0 2.6 n.m. -2 -12 NR n.a. S:PARG Pargesa 'B' 55 1 n.a. -11 4,228 4.3 4.5 4.3 22.6 n.a. n.a. n.a. 2 NR n.a. I:PAT Parmalat 2 13 3 -23 2,832 0.1 0.2 3.1 3.8 0.3 3 3 18 NR n.a. S:PGHB Partners Group Holding 139 0 n.a. 16 3,704 7.2 9.3 3.0 18.6 n.a. n.a. n.a. 5 Neutral 160 F:PGT Peugeot 16 16 1 -43 3,663 3.1 5.0 3.6 6.0 0.4 1 1 -29 Underperform 14 I:PC Pirelli 7 4 15 41 3,513 0.7 0.5 3.2 5.1 0.7 15 15 35 NR n.a. H:PNL Postnl 3 12 -38 -63 1,220 0.5 1.5 11.6 5.3 0.6 n.m. -38 -25 Neutral 2.85 I:PRY Prysmian 12 14 32 -16 2,553 1.0 0.9 1.9 5.6 0.4 32 32 30 NR n.a. S:PSPN Psp Swiss Property Ag 65 -4 n.a. 33 2,959 2.8 2.7 3.7 24.3 n.a. n.a. n.a. 3 NR n.a. G:PPC Public Power 4 -7 0 -66 854 0.5 2.4 5.7 5.0 0.9 0 0 -19 NR n.a. Source: Thomson Reuters


08 February 2012


Alphabetical listing Share Relative perf % Market 11E 11E 11E 11E 11E 2yE ann gwth (%) Credit Suisse Target FTEU Midi stocks price (€) 1m 3m 12m cap (€m) EPS P/E yield EV/EB EV/Sales sales eps dps Rating price (lc) D:PUMX Puma (Xet) 244 1 7 17 3,687 15.2 15.4 1.0 8.2 1.1 7 7 24 NR n.a. D:QIAX Qiagen (Xet) 12 -2 6 -5 2,787 0.8 0.7 0.0 9.1 2.2 6 6 n.a. NR n.a. O:RAI Raiffeisen Bank Intl. 29 45 n.a. -29 5,668 3.8 4.6 1.3 47.4 n.a. n.a. n.a. -24 Outperform 27 W:RTBF Ratos 'B' 10 -3 n.a. -23 2,374 0.5 0.6 6.1 12.0 n.a. n.a. n.a. 2 NR n.a. M:RRUK Rautaruukki 'K' 9 10 3 -42 1,271 0.4 0.2 5.2 7.7 0.7 3 3 5 NR n.a. RENT Rentokil Initial 1 13 2 -17 1,677 0.1 0.1 1.1 5.4 0.0 2 2 n.a. Outperform 85 RSL Resolution 3 3 n.a. 13 4,541 0.4 0.4 7.3 3.9 n.a. n.a. n.a. 8 Neutral 329 REX Rexam 5 -1 -1 14 4,009 0.4 0.4 3.5 6.8 0.0 n.m. -1 12 Outperform 445 F:RXL Rexel 15 7 3 -5 4,103 1.5 1.0 3.3 8.0 0.5 3 3 13 NR n.a. DK:ROC Rockwool 'B' 74 6 11 -1 799 3.8 3.2 1.8 6.5 0.1 11 11 6 NR n.a. D:SZGX Salzgitter (Xet) 47 9 8 -19 2,811 2.6 0.6 1.3 2.7 0.2 8 8 61 Neutral 45 M:SAA1 Sanoma 10 11 2 -35 1,697 0.9 0.9 7.4 5.3 0.9 2 2 n.a. NR n.a. H:SBMO Sbm Offshore 14 -16 6 -17 2,381 1.8 1.1 2.3 5.7 1.1 6 6 26 NR n.a. F:SCO Scor Se 20 3 n.a. 3 3,751 1.6 2.3 5.5 8.1 n.a. n.a. n.a. 4 Neutral 23.16 F:SEB Seb 67 8 7 4 3,327 5.3 4.6 2.0 6.6 0.9 7 7 8 NR n.a. W:SUBF Securitas 'B' 7 -2 5 -7 2,605 0.7 0.7 4.5 7.5 0.1 5 5 1 Underperform 50 SGRO Segro 3 5 n.a. -22 2,007 0.2 0.2 6.6 15.1 n.a. n.a. n.a. 3 Outperform 290 SERC Serco Group 6 -1 8 4 3,111 0.5 0.4 1.6 8.4 0.0 8 8 12 Outperform 600 SVT Severn Trent 18 -7 4 16 4,335 1.0 1.3 4.6 9.0 0.1 4 4 7 Neutral 1550 S:SIK Sika 'B' 1648.6 6 5 14 3,546 79.6 103.1 2.3 10.3 0.9 5 5 4 Neutral 1670 D:S92X Sma Solar Tech. (Xet) 48.8 7 -11 -31 1,692 5.1 10.5 3.6 3.9 0.7 n.m. -11 -29 NR n.a. D:SOWX Software (Xet) 27 -18 3 -25 2,318 2.3 2.0 2.3 7.6 2.2 3 3 n.a. NR n.a. W:SSAA Ssab 'A' 8 7 8 -24 2,037 0.6 0.2 3.2 8.2 0.1 8 8 19 Outperform 85 W:SSBF Ssab 'B' 7 6 n.a. -24 611 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Outperform n.a. F:TVFS Tf1 (Tv.Fse.1) 9 8 -1 -36 1,838 0.8 0.5 7.1 5.1 0.7 n.m. -1 5 Underperform 6 Source: Thomson Reuters


08 February 2012


Ratings and Volatility (Data as of 7th February 2012) Reuters Company Price Targ. Vol Rating Analyst Reuters Company Price Targ. Vol Rating Analyst

1211.SE Saudi Arabian Mining Co. 29.00 32.80 N Outperform Digvijay Singh BALN.VX Baloise 72.20 84.00 N Neutral Richard Burden2010.SE Saudi Basic Industries Corp 95.25 93.00 N Neutral Digvijay Singh BANE.RTS Bashneft 50.50 81.00 N Outperform Andrey Ovchinnikov2020.SE Saudi Arabian Fertilizer Company 182.00 186.00 N Neutral Digvijay Singh BAPE.WA Pekao 161.50 146.00 N Underperform Marta Jezewska-Wasilewska2050.SE Savola Group 30.70 38.00 N Outperform Digvijay Singh BARC.L Barclays 236.80 200.00 Y Outperform Carla Antunes-Silva2060.SE National Industrialization Company 39.60 59.00 N Outperform Digvijay Singh BARN.S Barry Callebaut 874.50 1000.00 N Outperform Patrick Jnglin2260.SE Sahara Petrochemical Company 15.45 18.00 N Neutral Digvijay Singh BASF.DE BASF 60.87 65.00 N Outperform Chris Counihan2280.SE Almarai Co 101.75 113.00 N Outperform Digvijay Singh BATS.L British American Tobacco 3092.50 3080.00 N Outperform Rogerio Fujimori2290.SE Yanbu National Petrochemical Company 45.30 47.00 N Neutral Digvijay Singh BAWJ.J Barloworld 88.95 90.00 N Outperform John Kim2310.SE Saudi International Petrochemical Company 20.75 21.00 N Neutral Digvijay Singh BAYGn.DE Bayer 55.03 56.00 N Outperform Jo Walton2330.SE Advanced Petrochemical Company 29.70 31.00 N Neutral Digvijay Singh BBVA.MC BBVA 7.26 8.20 N Neutral Ignacio Cerezo2350.SE Saudi Kayan Petrochemical Company 16.15 18.00 N Neutral Digvijay Singh BCIV.MC Banca Civica 2.47 1.90 N Underperform Ignacio Cerezo2380.SE Rabigh Refining and Petrochemical Company 22.55 24.00 N Neutral Digvijay Singh BCOM.BR Belgacom 24.18 24.50 N Neutral Paul Sidney4300.SE Dar Al Arkan Real Estate Development Company 8.65 10.10 N Neutral Vincent Resillot BDEV.L Barratt Developments 119.30 104.00 Y Neutral Harry Goad7020.SE Etihad Etisalat 58.50 70.00 N Outperform Richard Barker BEIG.DE Beiersdorf 46.14 40.00 N Neutral Alex MolloyA3TV.MC Antena 3 5.21 4.10 N Neutral Omar Sheikh BG.L BG Group plc 1464.50 1730.00 N Outperform Kim FustierAAL.L Anglo American plc 2873.00 3300.00 N Neutral Michael Shillaker BIGW.WA Bank Millennium 4.15 4.20 N Neutral Marta Jezewska-WasilewskaAB1.DE Air Berlin 2.37 1.85 N Underperform Neil Glynn BIMAS.IS BIM 61.00 59.50 N Neutral Onur MuminogluABBN.VX ABB 19.96 R N Restricted Simon Smith BKGH.L Berkeley Group Holdings Plc 1283.00 1225.00 N Neutral Harry GoadABE.MC Abertis 12.90 18.00 N Outperform Robert Crimes BKIR.I Bank of Ireland 0.14 0.12 Y Outperform Mohamed SouidiABF.L Associated British Foods 1181.00 1200.00 N Outperform Charlie Mills BKOMsp.PR Komercni Banka 3685.00 3500.00 N Underperform Hugo SwannACCP.PA Accor 24.78 22.70 N Neutral Tim Ramskill BLND.L British Land 505.00 560.00 N Outperform Steve Bramley-JacksonACLJ.J ArcelorMittal South Africa 66.30 53.00 N Underperform Semyon Mironov BLT.L BHP Billiton 2180.00 2800.00 N Outperform Paul MctaggartACS.MC ACS 23.84 21.00 N Underperform Robert Crimes BMWG.F BMW 70.73 76.00 N Outperform Arndt EllinghorstACX.MC Acerinox 11.30 9.00 N Neutral Michael Shillaker BNPP.PA BNP Paribas 35.74 41.40 Y Outperform Maxence Le GouvelloADBN.S Advanced Digital Broadcast 9.40 28.00 N Neutral Christoph Gretler BNRGn.DE Brenntag 84.09 86.00 N Outperform Simon ToennessenADEN.VX Adecco 47.55 45.00 N Neutral Andrew Grobler BNZL.L Bunzl 870.50 765.00 N Underperform David RigbyADML.L Admiral 973.00 1100.00 N Neutral Chris Esson BOSG_p.F Hugo Boss 77.25 83.00 N Outperform Rogerio FujimoriADP.PA Aeroports de Paris 56.48 85.00 N Outperform Robert Crimes BOY.L Bodycote PLC 327.50 350.00 N Outperform Andre KukhninADSGn.F Adidas AG 58.70 57.00 N Outperform Assad Malic BP.L BP 486.50 575.00 N Outperform Kim FustierAEFES.IS Anadolu Efes 25.80 26.20 N Outperform Onur Muminoglu BRBY.L Burberry Group 1420.00 1420.00 N Neutral Rogerio FujimoriAEGN.AS Aegon 3.83 5.20 N Neutral Richard Burden BREP.WA BRE Bank 296.00 277.00 N Underperform Marta Jezewska-WasilewskaAEGS.L Aegis Group 165.10 121.62 N Underperform Simon Baker BRIS.LS Brisa 2.47 2.60 N Underperform Robert CrimesAFEJ.J A E C I Limited 87.01 95.00 N Outperform Samantha Hartard BRSN.L Berendsen 465.50 450.00 N Neutral Eugene KlerkAFRE.L Afren Plc 129.70 143.00 N Outperform Ritesh Gaggar BSLN.S Basilea Pharmaceutica Ltd. 44.30 75.00 Y Neutral Ravi MehrotraAFXJ.J African Oxygen Limited 18.05 16.00 N Underperform Samantha Hartard BSY.L British Sky Broadcasting 699.50 610.00 N Neutral Omar SheikhAGES.BR Ageas 1.67 2.50 Y Outperform Alex Orloff BT.L BT Group 215.10 220.00 N Outperform Paul SidneyAGGK.L Aggreko 2159.00 2140.00 N Neutral David Rigby BUCN.S Bucher Industries 196.00 160.00 N Neutral Patrick LaagerAGL.MI Autogrill 8.08 8.80 N Neutral Tim Ramskill BVI.PA Bureau Veritas 58.11 53.00 N Neutral David RigbyAGRORq.L Ros Agro 7.39 16.00 Y Outperform Victoria Petrova BVS.L Bovis Homes Group Plc 490.10 395.00 N Neutral Harry GoadAHLN.AS Ahold 10.38 11.00 N Outperform Andrew Kasoulis BVTJ.J Bidvest Group Limited 172.00 133.00 N Neutral John KimAHT.L Ashtead Group 243.60 220.00 Y Neutral Eugene Klerk BWNG.L Brown (N) Group PLC 244.40 315.00 N Outperform Assad MalicAIPJ.J Adcock Ingram Holdings Ltd 63.00 61.00 N Neutral Mark Wadley BWY.L Bellway 785.50 850.00 N Outperform Harry GoadAIRA.DU Air Arabia 0.64 1.02 N Neutral Vincent Resillot BZU.MI Buzzi Unicem 8.48 6.00 Y Neutral Arnaud LehmannAIRF.PA Air France-KLM 5.11 3.85 Y Underperform Neil Glynn CAGR.PA Credit Agricole SA 5.26 6.00 Y Underperform Maxence Le GouvelloAIRP.PA Air Liquide 97.77 109.00 N Neutral Chris Counihan CAPCC.L Capital & Counties 194.20 220.00 N Outperform Steve Bramley-JacksonAKBNK.IS Akbank 7.22 7.55 N Neutral Ates Buldur CARR.PA Carrefour 18.22 15.00 N Underperform Xavier Le MeneAKRN.RTS Acron 46.40 62.80 Y Outperform Semyon Mironov CASP.PA Casino Guichard 68.58 72.00 N Outperform Xavier Le MeneAKSEN.IS Aksa Enerji 3.33 4.41 N Outperform Atinc Ozkan CBKG.F Commerzbank 1.89 2.74 Y Outperform Maxence Le GouvelloAKZO.AS Akzo Nobel 41.21 39.50 N Underperform Chris Counihan CCAP.CA Citadel Capital 2.89 8.23 Y Outperform Vincent ResillotALDR.AD Aldar Properties 0.94 1.59 Y Underperform Vincent Resillot CCL.L Carnival 1999.00 1939.00 N Neutral Tim RamskillALFA.ST Alfa Laval 135.60 140.00 N Neutral Andre Kukhnin CCOLA.IS Coca Cola Icecek 23.50 20.10 N Underperform Onur MuminogluALM.MC Almirall 5.87 6.00 N Neutral Luisa Hector CEDC.OQ CEDC 5.91 3.00 Y Underperform Victoria PetrovaALSO.PA Alstom 30.62 27.00 N Neutral Simon Smith CEZP.PR CEZ 807.00 778.00 N Underperform Piotr DzieciolowskiALUA.PA Alcatel-Lucent 1.45 1.25 Y Underperform Kulbinder Garcha CFR.VX Compagnie Financiere Richemont SA 53.90 54.00 N Neutral Rogerio FujimoriALV.N Autoliv Inc 65.78 51.00 N Underperform Erich Hauser CGL.L Catlin 425.10 530.12 N Outperform Alex OrloffALVG.DE Allianz SE 88.92 111.00 N Outperform Richard Burden CHEq.L Cherkizovo 13.49 23.00 Y Outperform Victoria PetrovaAML.L Amlin 355.20 420.00 N Neutral Alex Orloff CHG.L Chemring 416.50 420.00 N Neutral Oliver SleathAMSJ.J Anglo American Platinum Ltd 553.75 506.00 N Underperform Nihal Shah CHMFq.L Severstal 14.65 15.60 Y Neutral Semyon MironovANTO.L Antofagasta 1335.00 1350.00 N Neutral Liam Fitzpatrick CHRH.CO Christian Hansen Holding 140.00 145.00 N Outperform Cyrus AzarmginAOXG.DE Alstria Office REIT-AG 8.90 11.00 N Outperform Jonathan Kownator CHTR.L Charter International 968.00 645.00 N Neutral Jonathan HurnAPAM.AS Aperam 16.44 19.00 N Outperform Michael Shillaker CHZNq.L Chelyabinsk zinc 2.68 10.30 N Outperform Semyon MironovAPNJ.J Aspen Pharmacare Holdings Ltd 101.47 88.00 N Underperform Mark Wadley CKSN.L Cookson Group 602.00 500.00 N Neutral Simon SmithAQP.L Aquarius Platinum Ltd 170.00 210.00 Y Neutral Liam Fitzpatrick CLLN.L Carillion 314.10 340.00 N Outperform Andrew GroblerARCLK.IS Arcelik 7.70 7.70 N Outperform Onur Muminoglu CLTN.S Coltene 32.75 37.50 N Neutral Christoph GretlerARDS.AS Arcadis 14.86 12.41 N Neutral Eugene Klerk CMPJ.J Cipla Medpro South Africa Ltd 6.74 8.15 N Outperform Mark WadleyARTC.DU Arabtec Holding 2.70 1.34 Y Neutral Vincent Resillot CNA.L Centrica 302.70 370.00 N Outperform Mark FreshneyARYN.S Aryzta 43.60 48.50 N Outperform Patrick Jnglin CNAT.PA Natixis 2.41 3.00 N Neutral Maxence Le GouvelloASAJ.J ABSA Group Limited 148.49 164.00 N Neutral Colin Hundermark CNE.L Cairn Energy 356.60 369.00 N Neutral Ritesh GaggarASELS.IS Aselsan 8.98 11.52 N Outperform Atinc Ozkan CNPP.PA CNP Assurances 10.94 16.40 N Neutral Richard BurdenASHM.L Ashmore Group 383.30 365.00 N Neutral Gurjit Kambo COB.L Cobham 188.40 225.00 N Neutral Oliver SleathASML ASML Holding N.V. 34.04 40.00 N Outperform Satya Kumar COLOb.CO Coloplast B 862.50 1000.00 N Outperform Christoph GretlerASSAb.ST Assa Abloy 183.50 180.00 N Outperform Andre Kukhnin COLR.BR Colruyt 29.74 35.00 N Neutral Xavier Le MeneASYAB.IS Bank Asya 1.81 1.97 N Neutral Ates Buldur CONG.DE Continental 66.05 66.00 Y Outperform Arndt EllinghorstATCOa.ST Atlas Copco 167.00 155.00 N Neutral Andre Kukhnin CONW.VI Conwert Immobilien Invest 8.79 12.00 N Outperform Steve Bramley-JacksonATKW.L Atkins WS 725.00 675.00 N Outperform Eugene Klerk COR.AS Corio 37.28 40.00 N Neutral Jonathan KownatorATL.MI Atlantia 12.55 R N Restricted Robert Crimes CPG.L Compass 630.50 685.00 N Outperform Tim RamskillATLN.VX Actelion 36.20 45.00 N Neutral Ravi Mehrotra CPI.L Capita 633.00 770.00 N Outperform David RigbyAUTO.CA GB Auto 22.50 32.20 N Neutral Vincent Resillot CPW.L Carphone Warehouse 172.00 R N Restricted Assad MalicAV.L AVIVA Plc 374.60 440.00 N Outperform Chris Esson CRDI.MI Unicredit 4.38 R Y Restricted Ignacio CerezoAVIJ.J AVI Limited 42.80 38.50 N Neutral Mukhtar Mustapha CRH.I CRH 15.73 12.00 N Underperform Harry GoadAXAF.PA AXA 12.66 17.00 Y Outperform Richard Burden CSCG.L Capital Shopping Centres Group 341.40 350.00 N Neutral Steve Bramley-JacksonAZN.L AstraZeneca 3000.00 2600.00 N Underperform Gavin Macgregor CTCM.OQ CTC Media 10.36 12.00 Y Neutral Zoltan PalfiBAER.VX Julius Baer 35.82 39.00 N Outperform Gurjit Kambo DAIGn.DE Daimler 44.64 40.00 N Neutral Arndt EllinghorstBAHA.WA Bank Handlowy 76.15 72.50 N Neutral Marta Jezewska-Wasilewska DANO.PA Danone 48.86 44.00 N Underperform Alex Molloy

Source: Thomson Reuters, Credit Suisse research


08 February 2012



DANSKE.CO Danske Bank AS 85.10 90.00 N Neutral Masih Yazdi GFS.L G4S 277.70 285.00 N Outperform Andrew GroblerDB1Gn.F Deutsche Boerse 48.40 R N Restricted Gurjit Kambo GIVN.VX Givaudan 888.50 775.00 N Neutral Patrick JnglinDBKGn.F Deutsche Bank 33.52 33.50 N Outperform Amit Goel GJFS.OL Gjensidige Forsikring ASA 68.70 76.00 N Underperform Alex OrloffDCG.L Dairy Crest 327.70 350.00 N Underperform Charlie Mills GKN.L GKN 221.50 205.00 N Neutral Jonathan HurnDELB.BR Delhaize 42.80 39.00 N Underperform Xavier Le Mene GLEN.L Glencore International PLC 443.25 550.00 Y Outperform Liam FitzpatrickDEQGn.DE Deutsche Euroshop 26.47 28.00 N Underperform Jonathan Kownator GLPRq.L Global Ports 14.12 15.83 Y Neutral Vincent ResillotDETNOR.OL Det norske oljeselskap ASA 91.50 120.00 N Outperform Arpit Harbhajanka GLTRq.L Globaltrans 15.38 18.25 N Outperform Vincent ResillotDGE.L Diageo 1474.00 1550.00 N Outperform Charlie Mills GN.CO GN Store Nord 58.65 49.00 N Underperform Christoph GretlerDIDA.MC DIA 3.57 2.80 Y Underperform Xavier Le Mene GPOR.L Great Portland Estates 367.90 397.00 N Neutral Steve Bramley-JacksonDLL.AS Delta Lloyd NV 14.44 19.00 N Outperform Richard Burden GSK.L GlaxoSmithKline plc 1406.00 1430.00 N Neutral Kerry HolfordDLN.L Derwent London 1740.00 1700.00 N Underperform Steve Bramley-Jackson GSZ.PA GDF Suez 21.35 20.00 N Underperform Michel DebsDMGOa.L Daily Mail & General Trust 462.40 500.00 N Outperform Simon Baker GTBP.WA Get Bank 1.90 1.85 Y Outperform Marta Jezewska-WasilewskaDNB.OL DnB NOR 63.90 64.00 N Underperform Masih Yazdi GXIG.DE Gerresheimer AG 36.50 44.00 N Outperform Christoph GretlerDNO.OL DNO ASA 8.87 9.40 Y Outperform Ritesh Gaggar HALKB.IS Halkbank 12.50 14.95 N Outperform Ates BuldurDOM.L Domino's Pizza UK & IRL PLC 475.60 525.00 N Neutral Matthew Gerard HAYS.L Hays 81.00 80.00 N Outperform Andrew GroblerDPW.DI DP World 10.90 12.48 N Neutral Vincent Resillot HEIG.DE Heidelberg Cement 38.89 29.00 N Underperform Arnaud LehmannDPWGn.DE Deutsche Post DHL 13.08 12.65 N Outperform Neil Glynn HELN.S Helvetia 325.25 365.00 N Underperform Richard BurdenDRX.L Drax 527.50 440.00 N Underperform Mark Freshney HFD.L Halfords 329.70 400.00 N Outperform Assad MalicDSI.DU Drake & Scull International PJSC 0.92 1.26 N Outperform Vincent Resillot HGGH.L Henderson Group 121.00 135.00 N Outperform Gurjit KamboDSYJ.J Discovery Holdings Ltd 46.44 53.00 N Outperform Brian Mushonga HLMA.L Halma 371.00 310.00 N Underperform Jonathan HurnDTEGn.F Deutsche Telekom 8.88 8.50 N Underperform Justin Funnell HMb.ST Hennes & Mauritz 231.90 200.00 N Neutral Assad MalicDUFN.S Dufry 111.20 125.00 N Outperform Patrick Jnglin HMSO.L Hammerson Property 379.00 450.00 N Outperform Steve Bramley-JacksonDWNG.DE Deutsche Wohnen 10.29 11.00 N Neutral Jonathan Kownator HNKG_p.F Henkel 47.81 48.00 N Neutral Alex MolloyDXNS.L Dixons Retail plc 15.00 23.00 Y Outperform Assad Malic HNRGn.DE Hannover Re 41.59 49.00 N Neutral Alex OrloffECM.L Electrocomponents 231.50 210.00 N Neutral David Rigby HOLMb.ST Holmen 186.90 195.00 N Underperform Lars KjellbergEDCLq.L Eurasia Drilling Co 26.60 32.52 Y Outperform Andrey Ovchinnikov HOLN.VX Holcim 56.70 48.00 N Neutral Harry GoadEDEN.PA Edenred 19.19 18.00 N Neutral Simon Toennessen HOME.L Home Retail Group 111.90 68.00 Y Underperform Assad MalicEDF.PA Electricite de France 18.63 24.00 N Outperform Michel Debs HRGV.L Hargreaves Lansdown 460.40 450.00 N Neutral Gurjit KamboELER.PA Euler Hermes 50.87 60.00 N Neutral Adam Mcinally HRMS.PA Hermes International 268.75 160.00 N Underperform Rogerio FujimoriELI1V.HE Elisa Corporation 16.87 20.00 N Outperform Henrik Herbst HSBA.L HSBC Holdings 562.00 580.00 N Neutral Amit GoelELN.I Elan Corp 10.49 8.60 Y Outperform Luisa Hector HSBKq.L Halyk Bank 5.28 9.70 N Neutral Hugo SwannELSN.AS Reed Elsevier NV 9.07 12.50 N Outperform Simon Baker HSV.L HomeServe 275.00 250.00 N Neutral Eugene KlerkELUXb.ST Electrolux 140.80 165.00 N Outperform Andre Kukhnin HSX.L Hiscox 404.70 455.00 N Neutral Alex OrloffEMAR.DU Emaar Properties 2.81 4.32 N Outperform Vincent Resillot IAP.L ICAP Plc 390.30 420.00 N Outperform Gurjit KamboEMG.L Man Group 135.10 175.00 N Outperform Gurjit Kambo ICAD.PA ICADE 63.04 77.00 N Outperform Steve Bramley-JacksonEMOB.CA Mobinil 118.00 110.00 N Neutral Richard Barker ICAG.L International Airlines Group 184.10 152.00 N Neutral Neil GlynnENAE.WA ENEA 17.80 21.00 N Neutral Piotr Dzieciolowski ICL.TA Israel Chemicals 40.39 54.90 N Outperform Semyon MironovENI.MI ENI 17.19 18.50 N Neutral Kim Fustier ICP.L Intermediate Capital Group 291.90 332.00 N Outperform Gurjit KamboENKAI.IS Enka Insaat 5.06 6.09 N Outperform Atinc Ozkan IHG.L InterContinental Hotels 1363.00 1182.00 N Neutral Tim RamskillENRC.L Eurasian Natural Resources Corporation PL703.00 1000.00 N Outperform Liam Fitzpatrick ILD.PA Iliad 94.35 95.00 N Neutral Jakob BluestoneEONGn.DE E.ON 17.19 17.00 N Neutral Vincent Gilles IMFI.VI Immofinanz 2.69 3.40 N Outperform Steve Bramley-JacksonEREGL.IS ERDEMIR 4.01 4.30 N Outperform Semyon Mironov IMI.L IMI Plc 915.50 740.00 N Underperform Simon SmithERICb.ST Ericsson 63.95 55.00 N Neutral Kulbinder Garcha IMPJ.J Impala Holdings Limited 167.99 181.00 N Neutral Nihal ShahERST.VI Erste Bank 19.05 23.00 Y Neutral Hugo Swann IMT.L Imperial Tobacco 2428.00 2500.00 N Outperform Rogerio FujimoriESSR.L Essar Energy Plc 132.70 435.00 N Outperform Ritesh Gaggar IMUN.AS IMTECH NV 24.26 23.33 N Neutral Eugene KlerkETEL.CA Telecom Egypt 14.99 16.00 N Outperform Richard Barker INF.L Informa Group 414.50 480.00 N Outperform Simon BakerETL.PA Eutelsat Communications 28.76 33.00 N Outperform Henrik Herbst ING.AS ING Group 7.33 10.00 Y Outperform Richard BurdenETLNGq.L Etalon 5.42 10.60 Y Outperform Victoria Petrova IPLJ.J Imperial Holding Limited 141.50 133.00 N Outperform John KimEURC.PA Havas 3.66 3.20 N Underperform Simon Baker IPN.PA Ipsen 22.00 20.00 N Underperform Luisa HectorEVRE.L Evraz 445.00 490.00 N Outperform Semyon Mironov IPR.L International Power 342.70 320.00 N Underperform Mark FreshneyEXHO.PA Sodexo 56.97 62.30 N Neutral Tim Ramskill IQCD.QA Industries Qatar 135.10 161.00 N Outperform Digvijay SinghEXPN.L Experian 916.00 950.00 N Outperform Andrew Grobler ISA.L Inmarsat PLC 437.20 720.00 N Outperform Paul SidneyEXXJ.J Exxaro Resources 206.32 290.00 N Outperform Semyon Mironov ISCTR.IS Turkiye Is Bankasi 3.96 4.31 N Neutral Ates BuldurEZJ.L easyJet 461.50 503.00 N Outperform Neil Glynn ISP.MI Intesa Sanpaolo 1.55 1.50 Y Neutral Ignacio CerezoFCAM.L F&C Asset Management plc 67.40 70.00 N Underperform Gurjit Kambo ISYS.L Invensys 214.80 220.00 Y Neutral Simon SmithFCC.MC Fomento de Construcciones 18.73 16.00 N Underperform Robert Crimes ITAI.MI Italcementi 5.70 5.00 N Neutral Arnaud LehmannFENR.L Fenner 458.00 500.00 N Outperform Jonathan Hurn ITRK.L Intertek 2196.00 2250.00 N Outperform David RigbyFER.MC Ferrovial SA 9.42 14.50 N Outperform Robert Crimes ITV.L ITV 77.45 90.00 N Outperform Omar SheikhFHZN.S Flughafen Zuerich AG 353.00 360.00 N Neutral Patrick Jnglin ITX.MC Inditex 67.42 77.00 N Outperform Assad MalicFI.MI Fiat Industrial 7.72 11.50 N Outperform Erich Hauser JCDX.PA JCDecaux S.A. 20.05 21.00 N Neutral Omar SheikhFIA.MI Fiat 4.59 4.00 Y Underperform Erich Hauser JDGJ.J JD Group Ltd 50.64 60.00 N Outperform Dean GinsbergFIN.S Georg Fischer 401.25 460.00 N Outperform Patrick Laager JMAT.L Johnson Matthey 2245.00 2350.00 N Neutral Rhian TuckerFMEG.DE Fresenius Medical Care 54.92 61.00 N Outperform Christoph Gretler JUP.L Jupiter Fund 240.00 220.00 N Neutral Gurjit KamboFORN.S Forbo 605.00 R N Restricted Patrick Laager KABN.S KABA 355.50 390.00 N Outperform Patrick LaagerFOUG.PA Eiffage 25.50 21.00 Y Underperform Robert Crimes KAZ.L Kazakhmys Plc 1160.00 1200.00 Y Underperform Liam FitzpatrickFRAG.DE Fraport 44.89 52.00 N Underperform Robert Crimes KCHOL.IS Koc Holding 7.14 7.15 N Neutral Onur MuminogluFREG.DE Fresenius 78.05 88.00 N Outperform Christoph Gretler KCOGn.DE Kloeckner & Co. 11.38 16.00 Y Outperform Michael ShillakerFROTO.IS Ford otomotiv 16.90 13.15 N Underperform Onur Muminoglu KD8Gn.DE Kabel Deutschland Holding AG 38.63 43.00 N Neutral Henrik HerbstFSRJ.J FirstRand Limited 22.84 24.00 N Neutral Colin Hundermark KGF.L Kingfisher 271.00 310.00 N Outperform Assad MalicFTE.PA France Telecom 11.64 R N Restricted Jakob Bluestone KGHM.WA KGHM Polska Miedz S.A. 141.80 173.00 Y Neutral Semyon MironovFXPO.L Ferrexpo Plc 358.70 380.00 Y Neutral Liam Fitzpatrick KIOJ.J Kumba Iron Ore 544.00 400.00 N Underperform Semyon MironovGALP.LS Galp Energia SGPS 12.98 15.00 N Outperform Thomas Adolff KKGByq.L Kazkommertsbank 3.35 6.60 Y Neutral Hugo SwannGAM.MC Gamesa 3.17 4.60 Y Neutral Mark Freshney KMGq.L KazMunaiGas EP 15.70 23.91 N Neutral Andrey OvchinnikovGAMH.S GAM Holding 12.50 11.00 N Neutral Gurjit Kambo KNEBV.HE Kone Corporation 42.93 37.00 N Underperform Andre KukhninGARAN.IS Garanti Bank 6.90 7.61 N Neutral Ates Buldur KNIN.VX Kuehne + Nagel 119.60 135.00 N Outperform Patrick JnglinGASI.MI Generali 12.22 14.10 N Underperform Richard Burden KOMn.S Komax 85.95 100.00 N Outperform Patrick LaagerGATE.S gategroup Holding 28.55 25.00 N Neutral Patrick Jnglin KPN.AS KPN 8.21 12.00 N Outperform Paul SidneyGAZP.RTS Gazprom 6.16 5.70 N Neutral Andrey Ovchinnikov KSP.I Kingspan 7.35 5.00 N Underperform Harry GoadGBFG.DE Bilfinger Berger 72.50 55.14 N Underperform Eugene Klerk KUD.S Kudelski 8.63 9.90 Y Neutral Christoph GretlerGEBN.VX Geberit 194.90 160.00 N Underperform Andre Kukhnin LAD.L Ladbrokes 145.70 115.00 N Underperform Matthew GerardGENL.L Genel Energy plc 910.00 1093.00 Y Outperform Thomas Adolff LAFP.PA Lafarge 31.99 27.00 N Underperform Arnaud LehmannGEPH.PA CGG Veritas 21.90 30.00 Y Neutral Ritesh Gaggar LAGA.PA Lagardere 21.82 R N Restricted Simon BakerGETI.WA Getin Holding 2.43 2.66 N Neutral Marta Jezewska-Wasilewska LAND.L Land Securities 680.00 850.00 N Outperform Steve Bramley-JacksonGETP.PA Groupe Eurotunnel SA 6.45 10.80 N Outperform Robert Crimes LBHJ.J Liberty Holdings 85.85 90.00 N Neutral Brian Mushonga

Source: Thomson Reuters, Credit Suisse research


08 February 2012



LEGD.PA Legrand SA 26.50 24.00 N Underperform Simon Smith ORON.S Orior 47.25 57.50 N Outperform Patrick JnglinLEWJ.J Lewis Group 76.90 89.50 N Outperform Dean Ginsberg OTPB.BU OTP 4090.00 5100.00 Y Outperform Hugo SwannLGEN.L Legal & General 120.60 141.00 N Outperform Chris Esson OUT1V.HE Outokumpu 6.10 6.00 Y Neutral Michael ShillakerLHAG.DE Deutsche Lufthansa 11.16 10.35 N Neutral Neil Glynn PAP.I Paddy Power 43.31 47.26 N Outperform Matthew GerardLHCJ.J Life Healthcare Group Holding 21.93 21.25 N Neutral Mark Wadley PER.L Perform Group Plc 257.00 280.00 N Outperform Nick BertolottiLING.F Linde 124.00 143.00 N Outperform Chris Counihan PEUP.PA PSA Peugeot Citroen 15.65 14.00 Y Underperform Arndt EllinghorstLISP.S Lindt & Sprungli 2711.00 2700.00 N Neutral Patrick Jnglin PFD.L Premier Foods 10.50 8.00 Y Neutral Charlie MillsLKOH.RTS LUKOIL 60.10 56.70 N Neutral Andrey Ovchinnikov PFGJ.J Pioneer Foods 60.60 70.00 N Outperform Mukhtar MustaphaLLOY.L Lloyds Banking Group 35.26 31.00 Y Neutral Carla Antunes-Silva PFL.L Premier Farnell 206.50 200.00 N Neutral David RigbyLMI.L Lonmin Plc 1059.00 980.00 N Underperform Liam Fitzpatrick PGEP.WA PGE 20.02 23.70 N Neutral Piotr DzieciolowskiLOGN.VX Logitech International S.A. 7.88 6.70 N Neutral Christoph Gretler PGHN.S Partners Group 167.70 160.00 N Neutral Gurjit KamboLOIM.PA Klepierre 22.88 24.00 N Underperform Jonathan Kownator PGNI.WA PGNIG 3.69 5.00 N Outperform Piotr DzieciolowskiLRD.L Laird 168.00 135.00 N Underperform Jonathan Hurn PGS.OL Petroleum Geo Services 77.55 84.00 Y Underperform Ritesh GaggarLSE.L London Stock Exchange 938.50 890.00 N Neutral Gurjit Kambo PHDC.CA Palm Hills Development Company 1.41 1.32 Y Underperform Vincent ResillotLSP.L London & Stamford Property 111.60 120.00 N Neutral Steve Bramley-Jackson PHG.AS Philips 15.84 16.00 N Outperform Simon SmithLSRGq.L LSR Group 4.89 10.40 Y Outperform Victoria Petrova PHORq.L PhosAgro 9.93 19.90 Y Outperform Semyon MironovLTO.MI Lottomatica 13.34 16.50 N Outperform Matthew Gerard PHSTq.L Pharmstandard 16.87 23.00 N Outperform Victoria PetrovaLUMI.TA Bank Leumi 11.95 17.30 N Neutral Hugo Swann PIKJ.J Pick n Pay 45.84 38.00 N Neutral Dean GinsbergLUN.CO Lundbeck 114.80 97.00 N Underperform Ravi Mehrotra PJPq.L X5 Retail Group 22.95 27.00 Y Outperform Victoria PetrovaLUPE.ST Lundin Petroleum 159.80 161.00 N Neutral Arpit Harbhajanka PKGPq.L PIK Group 2.74 5.40 N Outperform Victoria PetrovaLVMH.PA LVMH 125.30 R N Restricted Rogerio Fujimori PKNA.WA PKN Orlen 38.94 40.60 N Neutral Piotr DzieciolowskiLWBP.WA LW Bogdanka 127.90 154.00 N Outperform Semyon Mironov PKOB.WA PKO BP 35.70 42.40 N Outperform Marta Jezewska-WasilewskaMAGNq.L Magnitogorsk Steel 6.25 9.00 Y Outperform Semyon Mironov PLCS.OL Polarcus 4.47 14.00 Y Outperform Ritesh GaggarMAILRq.L Mail.Ru 34.45 31.00 Y Neutral Zoltan Palfi PLGLq.L Polyus Gold International 3.37 3.90 N Outperform Semyon MironovMANG.DE MAN 83.00 R N Restricted Arndt Ellinghorst PMO.L Premier Oil 420.30 490.00 N Outperform Ritesh GaggarMAP.MC Mapfre SA 2.57 2.90 N Neutral Richard Burden PNN.L Pennon Group 693.50 800.00 N Outperform Mark FreshneyMBT.N Mobile Telesystems 17.50 22.00 N Outperform Zoltan Palfi POG.L Petropavlovsk 774.00 920.00 Y Neutral Semyon MironovMDCJ.J Mediclinic International 35.90 34.25 N Neutral Mark Wadley POH1S.HE Pohjola Bank 8.58 10.55 N Neutral Alex OrloffMEDAa.ST Meda 72.20 85.00 N Outperform Jo Walton POLI.TA Bank Hapoalim 13.00 19.60 N Outperform Hugo SwannMEO1V.HE Metso 33.94 35.00 N Outperform Andre Kukhnin POLYP.L Polymetal International 1156.00 1040.00 N Neutral Semyon MironovMEOG.F Metro 30.21 35.00 N Neutral Xavier Le Mene POP.MC Banco Popular 3.54 2.50 N Underperform Ignacio CerezoMGCR.L Morgan Crucible 319.10 305.00 Y Neutral Jonathan Hurn POST.VI Austrian Post 24.50 23.60 N Neutral Neil GlynnMGGT.L Meggitt 368.40 330.00 N Underperform Oliver Sleath PRTP.PA PPR 125.05 128.00 N Outperform Assad MalicMGNTq.L Magnit 27.29 30.00 N Outperform Victoria Petrova PRU.L Prudential 728.50 880.00 N Outperform Chris EssonMGROS.TR Migros 15.25 19.20 N Outperform Onur Muminoglu PSG.MC Prosegur 36.72 25.00 N Underperform Eugene KlerkMHPCq.L MHP 13.37 23.00 N Outperform Victoria Petrova PSHG_p.F Porsche 48.72 89.00 Y Outperform Arndt EllinghorstMICP.PA Michelin 54.94 70.00 N Outperform Erich Hauser PSMG_p.DE ProSiebenSat.1 18.33 21.00 Y Outperform Omar SheikhMKS.L Marks & Spencer 346.30 334.00 N Neutral Assad Malic PSN.L Persimmon 560.50 571.00 N Outperform Harry GoadMLC.L Millennium & Copthorne 465.00 490.00 N Outperform Tim Ramskill PSON.L Pearson 1201.00 1210.00 N Outperform Simon BakerMMIJ.J MMI Holdings Limited 19.01 19.00 N Neutral Brian Mushonga PTC.LS Portugal Telecom 4.16 4.50 N Underperform Chris WrightMNDI.L Mondi 527.50 535.00 N Underperform Lars Kjellberg PTNL.AS PostNL 3.11 2.85 Y Neutral Neil GlynnMOLB.BU MOL 20270.00 22100.00 N Outperform Piotr Dzieciolowski PUBN.S PubliGroupe 134.10 140.00 N Neutral Patrick JnglinMONY.L Moneysupermarket.com 118.80 130.00 N Outperform Simon Baker PUBP.PA Publicis 39.86 41.30 N Outperform Simon BakerMPCJ.J Mr. Price 87.22 76.00 N Neutral Dean Ginsberg PWTN.S Panalpina 107.00 105.00 N Neutral Patrick JnglinMPI.L Michael Page 420.00 375.00 N Neutral Andrew Grobler PZU.WA PZU SA 346.00 378.00 N Neutral Richard BurdenMRCG.DE Merck KGaA 81.20 70.00 N Neutral Matthew Weston QTEL.QA Qtel 149.20 180.00 N Outperform Richard BarkerMRLBV.HE M-real 1.86 1.85 Y Outperform Lars Kjellberg RAND.AS Randstad 28.70 30.00 N Outperform Andrew GroblerMRW.L Morrison (William) 293.00 330.00 N Outperform Andrew Kasoulis RASP.RTS Raspadskaya 3.77 4.00 Y Outperform Semyon MironovMS.MI Mediaset 2.53 2.00 N Underperform Omar Sheikh RB.L Reckitt Benckiser 3382.00 3800.00 N Outperform Charlie MillsMSMJ.J MassMart Holding 177.76 155.00 N Neutral Dean Ginsberg RBIV.VI Raiffeisen Bank International 28.99 27.00 Y Outperform Hugo SwannMSTAR.BR Mobistar 40.38 45.00 N Underperform Paul Sidney RBS.L Royal Bank of Scotland 28.88 22.00 Y Neutral Carla Antunes-SilvaMT.N ArcelorMittal 21.44 35.00 N Outperform Michael Shillaker RDSa.L Royal Dutch Shell plc 2282.50 2600.00 N Neutral Kim FustierMTEL.BU Magyar Telekom 537.00 600.00 N Outperform Zoltan Palfi RDW.L Redrow Group 129.70 131.00 N Neutral Harry GoadMTL.N Mechel 12.07 9.00 Y Underperform Semyon Mironov RECI.MI Recordati 6.05 7.00 N Neutral Jo WaltonMTNJ.J MTN Group 132.00 135.00 N Neutral Richard Barker REL.L Reed Elsevier plc 531.00 700.00 N Outperform Simon BakerMTO.L MITIE Group 261.00 290.00 N Outperform Eugene Klerk RENA.PA Renault 36.70 45.00 N Neutral Arndt EllinghorstMTXGn.DE MTU Aero Engines 54.60 53.00 N Outperform Oliver Sleath REP.MC Repsol YPF SA 20.58 25.50 N Outperform Thomas AdolffMUVGn.DE Munich Re 107.60 131.00 N Outperform Alex Orloff REX.L Rexam 381.30 445.00 N Outperform Lars KjellbergMVID.RTS M.Video 7.50 11.00 N Outperform Victoria Petrova REZT.ST Rezidor Hotel Group 26.40 18.70 N Underperform Tim RamskillNCSPq.L NCSP Group 7.14 8.68 N Neutral Vincent Resillot RGU.L Regus 102.00 100.00 N Outperform Andrew GroblerNDA.ST Nordea 60.40 67.00 N Outperform Masih Yazdi RIEN.S Rieter Holding 194.50 170.00 N Neutral Patrick LaagerNEDJ.J Nedbank Group Limited 158.00 155.00 N Underperform Colin Hundermark RIO.L Rio Tinto 3869.50 5000.00 N Outperform Paul MctaggartNES1V.HE Neste 9.62 11.50 N Outperform Thomas Adolff RKH.L Rockhopper Exploration Plc 334.25 408.00 Y Outperform Arpit HarbhajankaNESN.VX Nestle 53.55 58.00 N Neutral Alex Molloy RNK.L Rank Group 142.00 165.00 N Neutral Matthew GerardNG.L National Grid 644.00 700.00 N Outperform Mark Freshney ROG.VX Roche 161.00 180.00 N Outperform Luisa HectorNKELyq.L MMC Norilsk Nickel 19.98 26.60 N Neutral Semyon Mironov ROR.L Rotork plc 1915.00 2000.00 N Outperform Jonathan HurnNLMKq.L Novolipetsk Steel 25.72 27.00 Y Neutral Semyon Mironov ROSN.RTS Rosneft 7.50 6.80 N Underperform Andrey OvchinnikovNMOSq.L Nomos Bank 12.90 19.50 Y Outperform Hugo Swann RROS.ST Rottneros 2.30 2.40 N Underperform Lars KjellbergNOBN.VX Nobel Biocare 12.90 11.50 N Underperform Christoph Gretler RSA.L RSA 112.70 142.00 N Neutral Chris EssonNOK1V.HE Nokia 3.88 6.00 Y Outperform Kulbinder Garcha RSL.L Resolution Ltd 275.30 329.00 N Neutral Chris EssonNOVN.VX Novartis 51.65 61.00 N Outperform Luisa Hector RTKM.MM Rostelecom 152.41 120.00 N Underperform Zoltan PalfiNOVOb.CO Novo Nordisk A/S 752.50 680.00 N Neutral Luisa Hector RTO.L Rentokil 77.40 85.00 N Outperform Andrew GroblerNPNJn.J Naspers 389.00 450.00 N Outperform Richard Barker RWA.L Robert Walters 211.00 250.00 N Outperform Andrew GroblerNSG.OL Norske Skog 6.86 7.75 Y Underperform Lars Kjellberg RWEG.F RWE 32.50 29.00 N Neutral Vincent GillesNTCJ.J Netcare Limited 14.00 16.45 N Outperform Mark Wadley RYA.I Ryanair 4.21 4.90 N Outperform Neil GlynnNVTK.RTS NOVATEK 12.75 17.10 N Outperform Andrey Ovchinnikov SABE.MC Banco Sabadell 2.91 1.90 N Underperform Ignacio CerezoNWRR.L New World Resources 523.00 440.00 Y Underperform Semyon Mironov SAMAS.HE Sampo PLC 20.60 29.00 N Outperform Alex OrloffNXT.L Next 2755.00 3000.00 N Outperform Assad Malic SAN.MC Santander 6.54 6.80 N Neutral Ignacio CerezoNYN.L Melrose 371.60 385.00 N Outperform Jonathan Hurn SAND.ST Sandvik 103.40 90.00 N Neutral Andre KukhninNZYMb.CO Novozymes 164.00 168.00 N Neutral Cyrus Azarmgin SAPG.F SAP 47.85 55.00 N Outperform Philip WinslowOCDI.CA Six of October Development and Investme10.21 15.66 Y Neutral Vincent Resillot SASY.PA Sanofi 56.53 54.00 N Neutral Luisa HectorOCIC.CA Orascom Construction Industries 244.07 307.10 N Outperform Digvijay Singh SBER.RTS Sberbank 3.12 4.20 Y Outperform Hugo SwannOERL.S OC Oerlikon Corp AG 6.60 5.10 Y Underperform Patrick Laager SBKJ.J Standard Bank Group 108.55 108.00 N Underperform Colin HundermarkOKEYq.L Okey 7.40 8.00 N Outperform Victoria Petrova SBRY.L Sainsbury 294.40 285.00 N Underperform Andrew KasoulisOMLJ.J Old Mutual 18.50 24.00 N Outperform Brian Mushonga SCAb.ST SCA 113.60 R N Restricted Lars KjellbergOMNJ.J Omnia Holdings 89.32 88.00 N Outperform Samantha Hartard SCHN.PA Schneider 48.14 45.00 N Neutral Simon SmithOMVV.VI OMV 27.24 25.00 N Underperform Thomas Adolff SCHP.S Schindler-Holding AG 109.70 110.00 N Neutral Andre KukhninOPAr.AT OPAP 7.11 12.30 Y Outperform Matthew Gerard SCMN.VX Swisscom 376.00 330.00 N Underperform Jakob BluestoneOPHR.L Ophir Energy plc 332.00 510.00 N Outperform Ritesh Gaggar SCOR.PA Scor 19.54 23.16 N Neutral Richard BurdenOREP.PA L'Oreal 82.25 76.00 N Underperform Alex Molloy SCVb.ST Scania 118.40 115.00 N Underperform Arndt EllinghorstORIsdb.ST Oriflame 216.00 220.00 N Neutral Alex Molloy SDR.L Schroders 1605.00 1390.00 N Neutral Gurjit KamboORNBV.HE Orion 15.24 15.00 N Underperform Luisa Hector SDRL Seadrill 220.50 200.00 N Neutral Brad Handler Source: Thomson Reuters, Credit Suisse research


08 February 2012



SEBa.ST SEB 47.45 50.00 N Outperform Masih Yazdi TNTE.AS TNT Express 6.54 5.05 Y Underperform Neil GlynnSECUb.ST Securitas 66.05 50.00 N Underperform Andrew Grobler TOASO.IS Tofas 7.54 8.65 N Outperform Onur MuminogluSESFd.PA SES 18.15 20.00 N Neutral Henrik Herbst TOP.CO Topdanmark A/S 914.00 1152.00 N Neutral Alex OrloffSEVI.PA Suez Environnement 10.10 12.00 N Neutral Vincent Gilles TOTF.PA Total 40.94 45.00 N Neutral Kim FustierSFR.L Severfield Rowen 207.25 165.00 N Neutral Jonathan Hurn TPE.WA Tauron 5.36 7.20 N Outperform Piotr DzieciolowskiSGCG.DE SGL Carbon SE 38.31 40.00 N Neutral Jonathan Hurn TPK.L Travis Perkins 954.00 990.00 N Outperform Harry GoadSGEF.PA Vinci 36.83 53.00 N Outperform Robert Crimes TPSA.WA TPSA 17.05 17.00 N Neutral Zoltan PalfiSGOB.PA Saint-Gobain 35.57 30.00 N Neutral Arnaud Lehmann TRCNq.L TransContainer 9.60 10.00 N Outperform Vincent ResillotSGRO.L Segro Plc 225.80 290.00 N Outperform Steve Bramley-Jackson TRMKq.L TMK 12.04 17.00 Y Outperform Semyon MironovSGSN.VX SGS Surveillance 1695.00 1700.00 N Neutral David Rigby TRNF_p.RTS Transneft 1750.00 1386.29 N Underperform Andrey OvchinnikovSHB.L Shaftesbury 515.00 490.00 N Underperform Steve Bramley-Jackson TRUJ.J Truworths International Limited 78.04 89.00 N Outperform Dean GinsbergSHBa.ST Svenska Handelsbanken 213.10 204.00 N Neutral Masih Yazdi TRYG.CO Tryg A/S 325.60 399.00 N Neutral Alex OrloffSHFJ.J Steinhoff International Holdings 25.63 36.00 N Outperform Dean Ginsberg TSCO.L Tesco 329.55 370.00 N Neutral Andrew KasoulisSHP.L Shire Pharmaceuticals 2179.00 2350.00 N Outperform Luisa Hector TSKB.IS TSKB 2.22 3.02 N Outperform Ates BuldurSHPJ.J Shoprite Holdings Limited 130.05 124.00 N Underperform Dean Ginsberg TT.L TUI Travel Plc 205.70 180.00 N Neutral Tim RamskillSIA.L SOCO International 310.70 313.00 N Neutral Arpit Harbhajanka TTKOM.IS Turk Telekom 7.72 7.79 N Neutral Atinc OzkanSIBN.RTS Gazprom Neft 4.59 5.71 N Neutral Andrey Ovchinnikov TTNr.AT Titan Cement 13.50 8.00 N Underperform Arnaud LehmannSIEGn.DE Siemens 75.86 79.00 N Outperform Simon Smith TUPRS.IS Tupras 45.40 52.40 N Outperform Onur MuminogluSIK.S Sika 1993.00 1670.00 N Neutral Patrick Laager TW.L Taylor Wimpey Plc 44.58 46.00 N Outperform Harry GoadSIPFc.AS Eurocommercial Properties 27.81 32.00 N Outperform Jonathan Kownator UBM.L UBM plc 583.50 800.00 N Outperform Simon BakerSJP.L St. James's Place 370.00 375.00 N Underperform Chris Esson UBSN.VX UBS 13.02 11.30 N Neutral Amit GoelSKFb.ST SKF 166.00 130.00 N Underperform Andre Kukhnin UBXN.S U-Blox Holding 45.20 54.00 N Neutral Christoph GretlerSKG.I Smurfit Kappa 6.60 8.20 Y Outperform Lars Kjellberg UCB.BR UCB 31.56 22.00 N Neutral Ravi MehrotraSKYDn.DE Sky Deutschland AG 2.38 1.00 Y Underperform Omar Sheikh UHR.VX Swatch Group 398.30 480.00 N Outperform Patrick JnglinSL.L Standard Life 227.90 238.00 N Neutral Chris Esson ULVR.L Unilever PLC 2042.00 1885.00 N Underperform Charlie MillsSLAS.WA ING Bank Slaski 84.60 93.10 N Outperform Marta Jezewska-Wasilewska UMI.BR Umicore 37.42 39.00 N Outperform Rhian TuckerSLHn.VX Swiss Life 98.00 146.00 N Neutral Richard Burden UNBP.PA Unibail Rodamco 144.90 151.00 N Neutral Steve Bramley-JacksonSLMJ.J Sanlam 30.85 34.00 N Outperform Brian Mushonga UNc.AS Unilever 25.42 23.50 N Underperform Charlie MillsSMIN.L Smiths Group 997.00 1200.00 N Outperform Andre Kukhnin UPM1V.HE UPM-Kymmene 10.13 12.85 N Outperform Lars KjellbergSN.L Smith & Nephew 639.50 600.00 N Neutral Christoph Gretler URKAq.L Uralkali 37.69 52.00 N Outperform Semyon MironovSNGS.RTS Surgutneftegaz 0.88 0.92 N Underperform Andrey Ovchinnikov USTN.S Uster Technologies 41.50 R N Restricted Patrick LaagerSNR.L Senior 184.50 175.00 N Neutral Jonathan Hurn UU.L United Utilities 606.00 660.00 N Neutral Mark FreshneySOGN.PA Societe Generale 23.84 29.20 Y Neutral Maxence Le Gouvello VAKBN.IS Vakifbank 3.14 4.37 N Outperform Ates BuldurSOLB.BR Solvay 79.05 75.00 N Neutral Chris Counihan VALN.S Valora 227.00 240.00 N Outperform Patrick JnglinSOLJ.J Sasol Limited 399.05 457.00 N Outperform Andrey Ovchinnikov VED.L Vedanta Resources PLC 1297.00 1400.00 Y Neutral Liam FitzpatrickSOON.S Sonova Holding 99.50 120.00 N Outperform Christoph Gretler VIE.PA Veolia Environnement 9.67 11.00 N Neutral Vincent GillesSPPJ.J Spar Group 111.29 107.00 N Outperform Dean Ginsberg VIGR.VI Vienna Insurance Group 34.85 39.00 N Neutral Richard BurdenSPTTsp.PR Telefonica O2 Czech Republic 375.70 340.00 N Underperform Zoltan Palfi VIP Vimpelcom 11.36 17.00 N Outperform Zoltan PalfiSPX.L Spirax Sarco 2049.00 1845.00 N Neutral Jonathan Hurn VIV.PA Vivendi 16.19 20.70 N Outperform Omar SheikhSRENH.VX Swiss Re 53.25 57.00 N Underperform Alex Orloff VLLP.PA Vallourec 51.54 60.00 N Outperform Michael ShillakerSRP.L Serco 521.50 600.00 N Outperform David Rigby VOD.L Vodafone Group 174.95 175.00 N Outperform Justin FunnellSRS.MI Saras 1.22 1.20 Y Underperform Thomas Adolff VODJ.J Vodacom Group 101.40 95.00 N Neutral Richard BarkerSSABa.ST SSAB 74.65 85.00 N Outperform Michael Shillaker VOES.VI Voestalpine 27.62 30.00 N Outperform Michael ShillakerSSAq.L Sistema 19.59 25.00 N Outperform Zoltan Palfi VOLVb.ST Volvo 94.60 77.00 N Underperform George GalliersSSE.L SSE 1258.00 1400.00 N Outperform Mark Freshney VOWG_p.F Volkswagen 142.96 155.00 N Outperform Arndt EllinghorstSTAN.L Standard Chartered 1591.00 1400.00 N Underperform Amit Goel VTBRq.L VTB 4.74 5.50 Y Underperform Hugo SwannSTB.OL Storebrand ASA 30.38 53.00 N Outperform Alex Orloff VWS.CO Vestas 66.75 50.00 Y Underperform Mark FreshneySTBK.RTS Bank St Petersburg 3.05 6.30 N Outperform Hugo Swann VZRZ.RTS Vozrozhdenie 23.53 37.00 Y Neutral Hugo SwannSTERV.HE Stora Enso 5.66 7.80 N Outperform Lars Kjellberg WBSV.VI Wienerberger 9.32 11.00 N Outperform Arnaud LehmannSTHR.L SThree 278.75 270.00 Y Outperform Andrew Grobler WDH.CO William Demant 491.30 525.00 N Outperform Christoph GretlerSTL.OL Statoil 150.00 158.00 N Neutral Kim Fustier WEIR.L Weir Group 2050.00 2275.00 Y Outperform Jonathan HurnSTMN.S Straumann 169.40 160.00 N Underperform Christoph Gretler WHLJ.J Woolworths Holdings Limited 41.47 47.00 N Outperform Dean GinsbergSUN.S Sulzer 120.40 107.00 N Neutral Patrick Laager WLSNc.AS Wolters Kluwer 13.96 12.60 N Underperform Simon BakerSVT.L Severn Trent 1522.00 1550.00 N Neutral Mark Freshney WMH.L William Hill 229.60 227.00 N Neutral Matthew GerardSWDY.CA El Sewedy Electric 24.65 22.00 Y Underperform Vincent Resillot WOS.L Wolseley 2244.00 2400.00 N Outperform Harry GoadSWEDa.ST Swedbank 105.10 107.00 N Neutral Masih Yazdi WPP.L WPP 789.00 830.00 N Outperform Simon BakerSWMA.ST Swedish Match 241.40 213.00 N Neutral Rogerio Fujimori WTB.L Whitbread 1696.00 1818.00 N Neutral Tim RamskillSXS.L Spectris 1576.00 1690.00 N Outperform Jonathan Hurn XTA.L Xstrata Plc 1200.00 1600.00 N Outperform Liam FitzpatrickSYNG.RTS Synergy Group 19.25 34.00 Y Outperform Victoria Petrova YAR.OL Yara International ASA 260.40 274.00 N Neutral Lars KjellbergSYNN.VX Syngenta 293.90 305.00 N Neutral Chris Counihan YELL.L Yell Group 5.80 12.00 Y Outperform Simon BakerSYST.VX Synthes 156.40 R N Restricted Christoph Gretler YKBNK.IS Yapi Kredi Bank 3.43 4.11 N Outperform Ates BuldurSZGG.DE Salzgitter 46.78 45.00 N Neutral Michael Shillaker YNDX.OQ Yandex 21.50 15.00 N Underperform Zoltan PalfiTALK.L TalkTalk 131.50 175.00 N Outperform Paul Sidney YPSN.S Ypsomed 54.55 46.00 N Underperform Christoph GretlerTATE.L Tate & Lyle 690.50 700.00 N Neutral Charlie Mills ZON.LS Zon Multimedia Services 2.59 3.00 N Neutral Chris WrightTAVHL.IS TAV Havalimanlari Holding 8.36 R N Restricted Ates Buldur ZURN.VX Zurich Financial Services 229.50 269.00 N Neutral Richard BurdenTBSJ.J Tiger Brands Ltd 251.00 218.00 N Underperform Mukhtar Mustapha YAR.OL Yara International ASA 246.50 365.00 N Outperform Lars KjellbergTCELL.IS Turkcell 9.52 8.27 N Underperform Atinc Ozkan YELL.L Yell Group 5.56 12.00 Y Outperform Simon BakerTCG.L Thomas Cook Group plc 13.00 40.00 Y Outperform Tim Ramskill YKBNK.IS Yapi Kredi Bank 3.08 4.37 N Neutral Ates BuldurTDC.CO TDC 44.54 47.00 N Neutral Henrik Herbst YNDX.OQ Yandex 21.48 15.00 N Underperform Zoltan PalfiTEBNK.IS TEB 1.62 1.49 N Underperform Ates Buldur YPSN.S Ypsomed 54.95 46.00 N Underperform Christoph GretlerTECN.S Tecan 69.50 80.00 N Outperform Christoph Gretler ZON.LS Zon Multimedia Services 2.18 3.00 N Neutral Chris WrightTEF.MC Telefonica 13.37 16.00 N Neutral Justin Funnell ZURN.VX Zurich Financial Services 208.70 240.00 N Neutral Richard BurdenTEL.OL Telenor 93.80 114.00 N Outperform Jakob BluestoneTEL2b.ST Tele2 AB 130.30 140.00 N Neutral Henrik HerbstTELA.VI Telekom Austria 8.97 10.00 N Neutral Jakob BluestoneTENR.MI Tenaris 14.46 15.89 N Neutral Michael ShillakerTFFP.PA TF1 8.71 6.00 N Underperform Omar SheikhTFGJ.J The Foschini Group 110.70 122.00 N Outperform Dean GinsbergTGS.OL TGS-NOPEC Geophysical 152.60 170.00 N Outperform Ritesh GaggarTHYAO.IS Turk Hava Yollari 2.74 4.11 N Neutral Ates BuldurTKAG.F Thyssen Krupp AG 22.22 35.00 N Outperform Michael ShillakerTKFEN.IS Tekfen Holding 6.14 8.10 N Outperform Atinc OzkanTKGJ.J Telkom SA Ltd 28.73 R N Restricted Richard BarkerTL5.MC Mediaset Espana Comunicacion 4.88 3.70 Y Underperform Omar SheikhTLIT.MI Telecom Italia 0.82 1.00 N Neutral Justin FunnellTLITn.MI Telecom Italia RSP 0.66 0.70 N Underperform Justin FunnellTLSN.ST TeliaSonera 46.56 50.00 N Neutral Jakob BluestoneTLW.L Tullow Oil 1466.00 1733.00 N Outperform Ritesh GaggarTMGH.CA Talaat Moustafa Group 3.93 5.67 N Outperform Vincent ResillotTNET.BR Telenet 30.42 34.00 N Outperform Paul Sidney Source: Thomson Reuters, Credit Suisse research


08 February 2012


Disclosure Appendix Important Global Disclosures The analysts identified in this report each certify, with respect to the companies or securities that the individual analyzes, that (1) the views expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report. The analyst(s) responsible for preparing this research report received compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activities. Analysts’ stock ratings are defined as follows: Outperform (O): The stock’s total return is expected to outperform the relevant benchmark* by at least 10-15% (or more, depending on perceived risk) over the next 12 months. Neutral (N): The stock’s total return is expected to be in line with the relevant benchmark* (range of ±10-15%) over the next 12 months. Underperform (U): The stock’s total return is expected to underperform the relevant benchmark* by 10-15% or more over the next 12 months. *Relevant benchmark by region: As of 29th May 2009, Australia, New Zealand, U.S. and Canadian ratings are based on (1) a stock’s absolute total return potential to its current share price and (2) the relative attractiveness of a stock’s total return potential within an analyst’s coverage universe**, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. Some U.S. and Canadian ratings may fall outside the absolute total return ranges defined above, depending on market conditions and industry factors. For Latin American, Japanese, and non-Japan Asia stocks, ratings are based on a stock’s total return relative to the average total return of the relevant country or regional benchmark; for European stocks, ratings are based on a stock’s total return relative to the analyst's coverage universe**. For Australian and New Zealand stocks, 12-month rolling yield is incorporated in the absolute total return calculation and a 15% and a 7.5% threshold replace the 10-15% level in the Outperform and Underperform stock rating definitions, respectively. The 15% and 7.5% thresholds replace the +10-15% and -10-15% levels in the Neutral stock rating definition, respectively. **An analyst's coverage universe consists of all companies covered by the analyst within the relevant sector. Restricted (R): In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances. Volatility Indicator [V]: A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward.

Analysts’ coverage universe weightings are distinct from analysts’ stock ratings and are based on the expected performance of an analyst’s coverage universe* versus the relevant broad market benchmark**: Overweight: Industry expected to outperform the relevant broad market benchmark over the next 12 months. Market Weight: Industry expected to perform in-line with the relevant broad market benchmark over the next 12 months. Underweight: Industry expected to underperform the relevant broad market benchmark over the next 12 months. *An analyst’s coverage universe consists of all companies covered by the analyst within the relevant sector. **The broad market benchmark is based on the expected return of the local market index (e.g., the S&P 500 in the U.S.) over the next 12 months. Credit Suisse’s distribution of stock ratings (and banking clients) is:

Global Ratings Distribution Outperform/Buy* 46% (60% banking clients) Neutral/Hold* 42% (56% banking clients) Underperform/Sell* 10% (50% banking clients) Restricted 2%

*For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and other individual factors.

Credit Suisse’s policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the market that may have a material impact on the research views or opinions stated herein.

Credit Suisse's policy is only to publish investment research that is impartial, independent, clear, fair and not misleading. For more detail please refer to Credit Suisse's Policies for Managing Conflicts of Interest in connection with Investment Research: http://www.csfb.com/research-and-analytics/disclaimer/managing_conflicts_disclaimer.html

Credit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purposes of avoiding any penalties. Important Regional Disclosures Singapore recipients should contact a Singapore financial adviser for any matters arising from this research report.

Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares; SVS--Subordinate Voting Shares. Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not contain regulatory disclosures the non-affiliated Canadian investment dealer would be required to make if this were its own report.


08 February 2012


For Credit Suisse Securities (Canada), Inc.'s policies and procedures regarding the dissemination of equity research, please visit http://www.csfb.com/legal_terms/canada_research_policy.shtml.

As of the date of this report, Credit Suisse acts as a market maker or liquidity provider in the equities securities that are the subject of this report.

Principal is not guaranteed in the case of equities because equity prices are variable. Commission is the commission rate or the amount agreed with a customer when setting up an account or at anytime after that. Taiwanese Disclosures: Reports written by Taiwan-based analysts on non-Taiwan listed companies are not considered recommendations to buy or sell securities under Taiwan Stock Exchange Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customers.

To the extent this is a report authored in whole or in part by a non-U.S. analyst and is made available in the U.S., the following are important disclosures regarding any non-U.S. analyst contributors: The non-U.S. research analysts listed below (if any) are not registered/qualified as research analysts with FINRA. The non-U.S. research analysts listed below may not be associated persons of CSSU and therefore may not be subject to the NASD Rule 2711 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. • Andrew Garthwaite, non-U.S. analyst, is a research analyst employed by Credit Suisse Securities (Europe) Limited. • Marina Pronina, non-U.S. analyst, is a research analyst employed by Credit Suisse Securities (Europe) Limited. • Mark Richards, non-U.S. analyst, is a research analyst employed by Credit Suisse Securities (Europe) Limited. • Sebastian Raedler, non-U.S. analyst, is a research analyst employed by Credit Suisse Securities (Europe) Limited. Important Credit Suisse HOLT Disclosures With respect to the analysis in this report based on the Credit Suisse HOLT methodology, Credit Suisse certifies that (1) the views expressed in this report accurately reflect the Credit Suisse HOLT methodology and (2) no part of the Firm’s compensation was, is, or will be directly related to the specific views disclosed in this report. The Credit Suisse HOLT methodology does not assign ratings to a security. It is an analytical tool that involves use of a set of proprietary quantitative algorithms and warranted value calculations, collectively called the Credit Suisse HOLT valuation model, that are consistently applied to all the companies included in its database. Third-party data (including consensus earnings estimates) are systematically translated into a number of default variables and incorporated into the algorithms available in the Credit Suisse HOLT valuation model. The source financial statement, pricing, and earnings data provided by outside data vendors are subject to quality control and may also be adjusted to more closely measure the underlying economics of firm performance. These adjustments provide consistency when analyzing a single company across time, or analyzing multiple companies across industries or national borders. The default scenario that is produced by the Credit Suisse HOLT valuation model establishes the baseline valuation for a security, and a user then may adjust the default variables to produce alternative scenarios, any of which could occur. Additional information about the Credit Suisse HOLT methodology is available on request. The Credit Suisse HOLT methodology does not assign a price target to a security. The default scenario that is produced by the Credit Suisse HOLT valuation model establishes a warranted price for a security, and as the third-party data are updated, the warranted price may also change. The default variables may also be adjusted to produce alternative warranted prices, any of which could occur. CFROI®, HOLT, HOLTfolio, HOLTSelect, ValueSearch, AggreGator, Signal Flag and “Powered by HOLT” are trademarks or service marks or registered trademarks or registered service marks of Credit Suisse or its affiliates in the United States and other countries. HOLT is a corporate performance and valuation advisory service of Credit Suisse. Additional information about the Credit Suisse HOLT methodology is available on request. Important MSCI Disclosures The MSCI sourced information is the exclusive property of Morgan Stanley Capital International Inc. (MSCI). Without prior written permission of MSCI, this information and any other MSCI intellectual property may not be reproduced, re-disseminated or used to create any financial products, including any indices. This information is provided on an “as is” basis. The user assumes the entire risk of any use made of this information. MSCI, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. MSCI, Morgan Stanley Capital International and the MSCI indexes are services marks of MSCI and its affiliates.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor’s. GICS is a service mark of MSCI and S&P and has been licensed for use by Credit Suisse. For Credit Suisse disclosure information on other companies mentioned in this report, please visit the website at www.credit-suisse.com/researchdisclosures or call +1 (877) 291-2683. Disclaimers continue on next page.


08 February 2012 Europe

Equity Research

Europe EM 080212.doc

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